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Troy finance committee backs ending Arco Abrasives enterprise-zone agreement, continues Town Center Park TIF and asks council for emergency filing
Summary
The Troy Finance Committee recommended council accept the Tax and Incentive Review Council's findings: continue the Troy Town Center Park TIF and terminate Arco Abrasives' enterprise-zone agreement for failing to meet job targets. The committee voted to request emergency legislation to meet an April filing deadline.
Todd Severed, chair of the Troy Finance Committee, said the committee would recommend that city council accept the Tax and Incentive Review Council's annual findings and seek emergency legislation so the state filing can be completed in April.
The committee's recommendation follows the TIRC's annual review, during which staff told the committee that five enterprise-zone agreements were evaluated and that Arco Abrasives had been found not in compliance for several years. The TIRC recommended termination of that agreement rather than continuing it past 2024; the Troy Town Center…
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