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Council committee advances Rivergate Mile economic impact plan with tax‑increment financing split and disclosure amendment
Summary
The committee approved an economic impact plan for the Rivergate Mile redevelopment and an amendment requiring disclosure of evidence used in property‑tax appeals that materially reduce assessed value.
The Budget & Finance Committee approved an economic impact plan for the Rivergate Mile redevelopment and an amendment that requires the developer to disclose evidence presented in any successful property‑tax appeals.
Bob Mendez of the mayor’s office outlined the proposal: the project would redevelop roughly 57 acres around the Rivergate Mall with mixed uses including multifamily housing, townhomes for sale, senior housing, retail, restaurants, sports and entertainment space, medical office, general office and hotel. Metro staff described a tax‑increment financing structure that would allow a maximum of $42,000,000 of new property‑tax revenue over 25 years to be used in support of the project; that…
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