Council authorizes $7.8 million downtown land purchase using TIF funds and AEDC support
The Allen City Council authorized a project development agreement allowing the Allen Economic Development Corporation and the city's TIF Zone No. 2 to fund a $7.8 million acquisition of about 7.1 acres in downtown Allen; the purchase includes demolition of derelict structures and infrastructure work, and was approved unanimously.
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The Allen City Council on March 25 authorized the city manager to negotiate and execute a project development agreement enabling the Allen Economic Development Corporation (AEDC) and Tax Increment Financing (TIF) Zone No. 2 to fund the purchase of roughly 7.1 acres of undeveloped land in downtown Allen for $7.8 million.
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