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Council advances Canal Heights TIF creating districts for 283 homes and a 90-acre park; city projects $9 million over 30 years
Summary
Council moved forward with Canal Heights TIF legislation; the plan would create five residential incentive districts corresponding to phasing, support construction of 283 single-family homes and a donated 90-acre park, and is projected to generate about $9 million in city revenue over 30 years; bonds related to the project will follow.
City staff presented ordinance language to create the Canal Heights residential tax-increment finance (TIF) districts at the April 8 work session and asked council to consider waiving a second reading and adopting the ordinance as an emergency to expedite related financing. City staff said the proposal establishes five TIF districts…
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