Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Lamar council approves city-paid interest on loan for 35-acre Key Avenue development
Summary
The Lamar City Council approved an agreement permitting the city to make interest payments on loans secured by the Lamar Valley Industrial Corporation to buy and develop 35 acres at Key Avenue and Fourth Street SW, allowing LVIC time to install infrastructure before Tax Increment Financing generates revenue.
The Lamar City Council voted to approve entering into an agreement that lets the city make interest payments on loans secured by the Lamar Valley Industrial Corporation (LVIC) for the purchase and initial development of 35 acres at the Key Avenue and Fourth Street SW intersection.
City and LVIC officials said the payment arrangement is intended to cover a short financing gap while infrastructure is installed and the first lots are sold. “The request is to allow LVIC to get it developed and sell those first lots, and use the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
