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Council adopts Lynnwood City Center tax-increment financing ordinance authorizing up to $24 million in bonds
Summary
The Lynnwood City Council adopted Ordinance 3479 establishing a tax-increment financing (TIF) district for the Lynnwood City Center, authorizing intent to issue bonds not to exceed $24 million and listing public improvements to be funded. The ordinance passed unanimously.
The Lynnwood City Council unanimously adopted Ordinance 3479 on May 27, creating the Lynnwood City Center tax-increment financing (TIF) area and declaring the city’s intent to issue bonds with maximum principal not to exceed $24,000,000 to finance public improvements.
What the ordinance does: The ordinance (No. 3479) designates the TIF area, sets a sunset date for the TIF district (specified in the ordinance), identifies public improvements that may be financed with increments from the area and sets an effective date for the increment to begin on June 1, 2025. The ordinance also imposes a deadline for…
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