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Council schedules Jan. 16 public hearing on TIF ordinances and proposed London Gateway New Community Authority
Summary
Council members read four related ordinances and a resolution creating tax-increment financing districts and a proposed New Community Authority; a public hearing is set for Jan. 16 and councilors agreed to hold further review and outside counsel input before final action.
City leaders read four related ordinances and one resolution that would create multiple tax-increment financing (TIF) incentive districts and begin the process to form a New Community Authority for the London Gateway project, and scheduled a public hearing on the package for Jan. 16, 2025.
Ordinance 20724 would create 19 incentive districts and declare improvements in those districts a public purpose, require property owners to make service payments in lieu of taxes, establish a tax-increment fund and authorize a tax-increment financing agreement with Tomcat LLC. The council also read ordinances described in the record as Ordinance 2824 and Ordinance 20924, each of which the city attorney described as a predicate or implementing step required for the TIF process. A related Resolution (recorded as Resolution 21024 in the meeting) would find that a petition to establish the London Gateway New Community Authority complies with applicable requirements and set a hearing date for the petition.
Council members repeatedly noted that these items are on third reading and that the package will return for final action after the public hearing on Jan. 16. Several members expressed a preference to have outside counsel or the finance committee review the materials before final votes. Councilman Norman specifically asked whether the packet had been reviewed by outside counsel; members agreed it was prudent to seek additional legal review ahead of substantive votes.
West Smith (identified in the record as present) was introduced to answer questions about the proposals; no final votes were taken on the ordinances or the resolution during the meeting. The council left the items on the agenda for the next meeting and the public hearing. The record states the ordinances and the resolution are being processed under procedures and sections of state law referenced at the meeting, including a citation to section 349.03 in the statutory framework referenced for New Community Authority petitions.
