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Council adopts ordinance creating 19 incentive districts, swaps TIF deal with Tomcat LLC
Summary
London City Council on a unanimous vote adopted Ordinance 207-24 to create 19 incentive districts and replaced the attached tax-increment financing agreement with a revised financing agreement tied to Tomcat LLC, establishing service payments in lieu of taxes and a TIF fund to benefit local schools and infrastructure.
London City Council adopted Ordinance 207-24 on a unanimous vote to create 19 tax incentive districts and to replace the tax-increment financing (TIF) agreement attached to that ordinance with a revised financing agreement presented at the meeting.
The ordinance identifies public infrastructure improvements that, once made, will serve parcels inside the incentive districts, requires property owners in those districts to make service payments in lieu of property taxes, and establishes a public improvement tax-increment…
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