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East Chattanooga Rising TIF payments fall short of debt service; city, staff plan market analysis and RFP
Summary
Board members were told payments into the East Chattanooga Rising tax increment financing district have been lower than expected and are not covering interest on a $4 million loan; staff said they are updating the market analysis and expect to issue an RFP for remaining parcels in mid-August to early September.
Board staff told the Industrial Development Board Monday that payments into the East Chattanooga Rising tax increment financing (TIF) district have been far lower than originally projected and are not covering interest on a $4 million loan the IDB issued for infrastructure. Finance staff said the TIF has produced tax receipts each year but the amounts from the city and county have been insufficient to cover the annual interest…
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