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Council hears detailed plan for downtown "Project O Street" TIF extension, bond ordinance and CIP amendment
Summary
City staff presented a package of redevelopment items for the downtown "Project O Street," including a redevelopment-plan amendment to extend tax increment financing (TIF) from 15 to 20 years, a bond ordinance that would allow up to $31.2 million in tax allocation bonds, and a related capital improvement program amendment that adds $29 million in TIF-funded capacity.
City staff presented a package of redevelopment items for the downtown "Project O Street," including a redevelopment-plan amendment to extend tax increment financing (TIF) from 15 to 20 years, a bond ordinance that would allow up to $31.2 million in tax allocation bonds, and a related capital improvement program amendment that adds $29 million in TIF-funded capacity.
John Carlson, speaking for the mayor's office, told the council the items would allow the city to pull funding forward to complete a comprehensive set of improvements on O Street between Ninth and 20th (twenty-eighth) streets. "We're gonna improve infrastructure with new water main, smoother streets, upgraded sidewalks, safer pedestrian crossings, streetscape improvements, enhanced lighting, landscaping, public amenities," Carlson said, describing the package as a…
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