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Council hears first reading of revised interlocal to fix TIF language; debate centers on county discretion to use increment for bond service or corridor work
Summary
The council heard a first reading of an ordinance to approve a revised interlocal agreement with Hamilton County clarifying how tax-increment financing revenue may be used to service bonds or fund improvements along the 140th Street corridor.
The council heard a first reading of an ordinance to approve a revised interlocal agreement with Hamilton County related to tax-increment financing (TIF) for the US 31 Ramps and nearby economic development areas.
Henry Myssecki, Carmel’s redevelopment director, told the council the change corrects a drafting error in the version the council previously approved. He said the revised agreement restores language clarifying that TIF revenue flowing to the county may be used either to pay existing bonds or to support future…
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