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Waverly council approves amended TIF rebate for Palace Theater redevelopment
Summary
The City Council unanimously approved a second amendment to the development agreement with Movie Guys LLC that extends the project completion deadline, reduces the total tax-increment financing (TIF) rebate pool and lowers the annual rebate cap.
The City Council of Waverly on Feb. 17 approved Resolution 25-13, authorizing a second amendment to the development agreement with Movie Guys LLC for redevelopment of the Palace Theater building.
Connie Tolan, planning and development specialist, told the council the amendment extends the minimum improvement completion date to Sept. 1, 2025; reduces the maximum cumulative TIF rebate from $300,000 to $263,373.50 (a $36,626.50 reduction attributed to…
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