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Council considers amendment to TIF District 7 to add acreage and increase project costs; developers to guarantee debt
Summary
City staff proposed amending Tax Increment Financing District 7 to add about 16 acres and raise the district’s eligible project costs by roughly $24.1 million to support planned development and infrastructure.
City staff reviewed a proposed amendment to Tax Increment Financing District 7 that would add approximately 16 acres to the district, increase the district’s eligible project costs by about $24,106,000 and capture incremental taxable value associated with planned townhouse and other developments. Staff presented estimated additional assessed value from Newman Developments of roughly $50.6 million projected between 2025 and 2027 and said the amendment continues an…
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