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Council approves resolution to issue up to $2.35 million in TIF bonds for Tupelo Commons Phase II
Summary
The council authorized issuance of tax-increment limited bonds not to exceed $2,350,000 for infrastructure reimbursement at the Tupelo Commons development; developer reimbursement will be limited to the TIF bond amount and the project previously received $650,000 from the original issue.
The Tupelo City Council voted to authorize a negotiated sale and issuance of tax-increment limited bonds for the Tupelo Commons Phase II project, with a principal amount not to exceed $2,350,000.
Council discussion during the meeting described the bonds as reimbursement for public infrastructure the developer installed at the Tupelo Commons retail area. A council speaker said an earlier series paid $650,000 to a developer under the original TIF…
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