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Council hears updates on proposed London Gateway TIFs; ratifies petition sufficiency for new community authority
Summary
Developers and city and outside counsel updated council on residential and commercial tax increment financing (TIF) proposals. Council ratified a resolution that the petition to form the London Gateway New Community Authority (NCA) is sufficient; TIF ordinances were left on for further readings.
Wes Smith, a representative for the development team, told the London City Council on Feb. 20 that the residential tax increment financing plan in ordinance 207-24 has Madison County approval and could move to a vote if the city is ready. He also described revisions to language in the commercial TIF area to make the London City School District "made whole" if a future multifamily use reduced school tax receipts and said the change and inclusion of a previously excluded 20-acre parcel had been sent to the city attorney for review.
The council held a public hearing on the TIF ordinances and related paperwork and later voted to adopt Resolution 210-24, a sufficiency finding for the petition to establish the London Gateway New Community Authority. The resolution states the petition complies with…
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