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Council approves amendment to RCL Development project plan to allow city or public trust to expend infrastructure costs from TIF District No. 2
Summary
The City Council approved an amendment to the RCL Development project plan to explicitly allow the city or its designated public trust to expend incremental TIF funds on infrastructure and related project costs for Increment District Number 2.
The City Council on Sept. 8 approved an amendment to the RCL Development of Seminole project plan that clarifies infrastructure and related project costs may be expended by the city or its designated public trust to carry out the project plan for Tax Increment District Number 2.
Council members moved and seconded the amendment; after a roll-call vote the motion passed. Staff indicated the amendment is intended to provide flexibility in how increment funds are used and to allow the city (or a public trust designated by the city) to directly perform or fund infrastructure work in support of the RCL development.
Council members and staff tied this action to earlier discussion on running the city’s utility “orange line” to the Family Entertainment Center site and to the expectation that that work could be reimbursed from the TIF once the amended plan is in effect and funds are available.
