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Council declines to amend Sugar Creek Commons TIF to cover market-rate apartments
Summary
City staff told the Common Council that Forward Development Group’s proposed change of a planned hotel to multifamily apartments does not meet the existing TIF agreement conditions; council members indicated they would not support amending the TIF agreement to provide assistance for market-rate apartments.
Council members on Monday told Forward Development Group (FDG) that the city will not amend the 2021 Sugar Creek Commons Tax Increment Finance (TIF) agreement to convert the hotel portion of the approved development into market-rate apartments eligible for the previously agreed TIF payments.
City staff explained the 2021 development agreement tied TIF payments (up to $3,200,000 in the TIF agreement) to a defined hotel project with a conference…
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