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Council hears developer presentation on 1,100-acre TIF and new community authority; hearing on residential TIF continued
Summary
Developers and council members discussed a large tax-increment financing (TIF) package that would create 19 residential incentive districts, a nonresidential TIF, and a New Community Authority covering roughly 1,100 acres; Council continued the public hearing on Ordinance 207-24 to Feb. 20 to meet notice requirements.
London City Council held extended discussion on a package of development tools that would enable large-scale infrastructure work and staged residential development on roughly 1,100 acres, including Ordinances 207-24, 208-24 and 209-24 and Resolution 210-24.
The most immediate procedural outcome was a motion to continue the public hearing on Ordinance 207-24 (the residential TIF) to Feb. 20, 2025, after staff said property-owner notice required by statute had not been completed in time. Council voted to move the hearing so the required direct mail notice to property owners can be perfected before a final vote.
Developers and their representatives, including Paul Gross (developer) and Wes Smith (property-owner representative), gave a long presentation and answered council questions about how the TIFs and a proposed New Community Authority (NCA) would work. Gross described a package that splits the area into multiple incentive districts (19 for the residential proposal) so tax-increment collections would begin in each district after that…
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