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Council hears first reading of Paddock Place TIF bonds to support 230-unit workforce housing project
Summary
Ordinance 2025-33 was introduced on Oct. 14 to authorize up to $3.2 million in taxable economic development revenue bonds (TIF-backed) for the Paddock Place multifamily project; city staff said the project is a roughly $58.5–$60 million private investment with 230 units and that 80% of the project's tax increment would pledge to the bonds.
The Lebanon Common Council received a first reading of Ordinance 2025-33 on Oct. 14, a proposal to issue taxable economic development revenue bonds not to exceed $3,200,000 to finance public infrastructure related to the Paddock Place development on the city’s north side.
Catherine Panello, attorney with Dinsmore & Shohl, said the proposed financing had been considered earlier that day by the Lebanon Economic Development Commission and that the redevelopment commission is expected to pledge 80% of the tax-increment revenue generated by the project toward the bonds. “This proposed…
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