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Committee backs Jefferson Arms redevelopment plan including SID/TDD revenues to support TIF
Summary
The Housing, Urban Development and Zoning Committee voted to forward Board Bill 19 with a do-pass recommendation; the bill ties SID and TDD revenues to the Jefferson Arms TIF and authorizes a $5-per-room assessment and up to 1% district sales taxes to preserve the project’s originally authorized incentive proportion.
The Housing, Urban Development and Zoning Committee voted to forward Board Bill 19 with a do-pass recommendation after discussion of tax-increment financing (TIF), a special improvement district (SID) and a tourism development district (TDD) tied to the Jefferson Arms redevelopment.
Alderman Aldridge introduced the bill and brought forward Nick Hartzler, senior project manager for Steadfast City, to explain the incentive package. Hartzler said a TIF redevelopment plan was originally approved in 2017 and amended in 2021 to address delays and added MWBE requirements; the project’s original budget of $105,000,000 has risen to approximately $135,000,000. To preserve the proportional incentive value without increasing the city’s TIF dollar amount, the bill would (1) authorize the SID to levy a special assessment of up to $5 per hotel room night and up…
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