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Administration and property owner walk council through CRA vs. TIF trade-offs for downtown project at 527 West Lake
Summary
Consultant Jason Dodson and property owner Danny Little presented an analysis to Finance & Personnel on the costs and benefits of using a Community Reinvestment Area (CRA) abatement versus modifying the downtown Tax Increment Financing (TIF) district for a proposed downtown investment. The analysis quantified net present-value costs to the city of
Council’s Finance & Personnel Committee heard a detailed presentation Oct. 27 about downtown development incentives and a specific proposal for 527 West Lake.
Consultant Jason Dodson described the 2019 action that placed roughly 600 downtown parcels into a TIF district and explained that Summit County had not applied the TIF coding for many of the parcels until recently; county coding is now being updated and the TIF revenue stream is expected to begin flowing to the city for infrastructure purposes after reconciliation. Dodson explained that when a property…
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