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Council hears update on London Gateway TIFs; ratifies petition sufficiency for new community authority
Summary
Property owners and outside counsel updated council on residential and commercial tax-increment financing zones, school-district compensation language and a 20-acre parcel addition; council passed a resolution ratifying the sufficiency of the London Gateway New Community Authority petition.
London City Council held a public hearing on proposed tax-increment financing (TIF) legislation for the London Gateway development and on related formation paperwork for a new community authority, hearing a status update from the property owners' representatives and outside counsel.
The property owners' representative, Wes Smith, told council the residential TIF has received Madison County approval and that work is underway on the commercial TIF. Smith said the commercial TIF language will be revised so the London City School District is “made whole” if a multifamily use later appears in the commercial district and that a 20-acre parcel that had been inadvertently excluded will be added to the commercial TIF area. Smith said the owners have sent the revised draft to the city attorney for review and expect to return to the school district to finalize a compensation agreement.
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