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Garland staff to seek approval for TIF 3 amendments that would fund Holford/George Bush soccer complex
Summary
City staff presented proposed amendments to Tax Increment Financing (TIF) District 3 that would add the Holford/George Bush professional and youth soccer complex to the TIF project plan and authorize financing including revenue bonds and a cash contribution; a public hearing and possible council action were scheduled for the next day.
City economic-development staff presented proposed amendments to Tax Increment Financing District 3 that would add the design and construction of a professional and youth athletic facility at Holford Road and George Bush Parkway and would authorize TIF-funded financing for the project.
The presentation said the TIF board is recommending issuance of TIF revenue bonds totaling about $39,000,000 plus issuance costs, and a $4,000,000 cash infusion from TIF 3 — a combined TIF contribution of roughly $43,000,000 toward a stadium currently budgeted at $50,000,000. The presentation said the remaining roughly $7,000,000 would come from utility funds for infrastructure improvements.
City staff emphasized that revenue projections for TIF 3 use…
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