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Council adopts ordinance authorizing TIF and service payments in lieu of taxes for downtown project
Summary
The council adopted Ordinance 20924 declaring improvements to certain downtown parcels to be a public purpose, authorizing a tax-increment financing agreement and required payments in lieu of taxes; the ordinance was amended to include a school compensation agreement attachment.
The London City Council voted to adopt Ordinance 20924, declaring improvements to certain real property in the city to be a public purpose and authorizing a tax-increment financing (TIF) agreement that will require annual service payments in lieu of property taxes.
A council member moved to amend the ordinance to insert the approved school compensation…
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