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Committee delays Crutchfield TIF amendment after staff and developer revise boundaries and financing
Summary
City staff and the developer reported changes to the Crutchfield District tax-increment financing plan, expanding the project-area benefits and increasing the projected increment from roughly $4 million to roughly $40 million; staff said a corrected resolution will return to council on March 26.
City staff and the developer told the Urban and Economic Development Committee on March 12 that they have revised the Crutchfield District tax-increment financing (TIF) project plan and will return with corrected resolution language at a later council meeting.
Aaron Kearsley, staff lead on the project, said negotiations with the developer, Stewart McDaniel, produced a larger area of benefit. "We have extended the project area... so actually, what we can do now is he can actually spend some of the increment in areas further down... which I think is a very, encouraging…
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