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Council accepts introduction of Eastover TIF amendment request; bond counsel seeks more time to vet second issuance
Summary
City bond counsel and financial advisors briefed the Jackson City Council on an amended and restated development and reimbursement agreement for the Eastover (The District) TIF; counsel said additional time is needed to vet a requested second tranche of TIF bonds, and staff estimated annual incremental revenues at about $760,000.
The Jackson City Council on May 20 added and introduced a resolution to amend a development and reimbursement agreement with District Land Development Company LLC for the Eastover District tax-increment financing (TIF) area and discussed a requested second issuance of TIF bonds.
Trey Hairston of bond counsel Butler Snow told the council the developer has requested an amendment to the development and reimbursement agreement and asked for a second issuance of TIF bonds. Hairston said the bond counsel and financial advisors are vetting the request and…
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