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Developers seek single LLC to access Beacon Hill TIF funds; county counsel recommends ‘novation’ agreement
Summary
County counsel and a private attorney described a proposed novation that would replace three developers with one new LLC for reimbursement from the Beacon Hill tax-increment financing area; limited TIF revenue exists and commissioners were asked to place the item on a future consent agenda.
County legal counsel and outside counsel briefed the Board of County Commissioners on March 24 about a requested change to how reimbursements are paid from the Beacon Hill tax increment financing (TIF) area.
Jim Amacio and counsel explained that the Beacon Hill TIF, formed in February 2013, covers approximately 423 acres and was created jointly by the city and county to fund public improvements that spur development. A reimbursement agreement signed in February 2023…
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