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City staff to propose $2.5 million in Capitol Hill TIF disbursement to developer; plan would pay over five years
Summary
Staff proposed using up to about $2.5 million in Capitol Hill tax-increment funds for the Anderson Construction redevelopment at the Capitol Hill Mall site, to be paid in five equal disbursements through November 2029; staff said the district lacks an adopted work plan and the TIF board is still being recruited.
City staff told the commission on Aug. 27 they will present a proposal in September to distribute up to roughly $2.5 million in Capitol Hill tax-increment financing (TIF) funds to D and M Development LLC (Anderson Construction) for redevelopment at the Capitol Hill Mall site.
Staff said the total project cost supplied by the developer was about $3.9 million and…
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