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Committee amends Bedrock riverfront TIF language to reserve neighborhood oversight; amendment passes with one dissent
Summary
An amendment to the Bedrock/riverfront TIF legislation (supplement to ordinance 7‑46‑2024) was approved that limits an internal allocation change from 100% to 90% and requires further legislative approval for neighborhood investment disbursements; the amendment passed in committee with Councilwoman Ginny Spencer recorded as opposed.
Committee members approved an amendment and then the ordinance as amended relating to the Bedrock riverfront tax increment financing (TIF) framework, adding legislative oversight of neighborhood investment disbursements.
City counsel presented an amendment dated Jan. 17, 2024, that added new sections and struck a 100% allocation figure, replacing it with 90% in a specified paragraph. Councilman Hairston said the change was intended to protect the neighborhood investment component and to ensure that future allocations would return to…
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