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Commission confirms Paddock Place TIF area and pledges 80% of increment to $3.2M bond
Summary
The commission confirmed a footprint allocation area for the Paddock Place multifamily project and pledged 80% of its incremental TIF revenue to taxable revenue bonds not to exceed $3.2 million. Developer and consultant presentations outlined project units, targeted rents and the public infrastructure the TIF will help fund.
The Lebanon Redevelopment Commission on Oct. 14 confirmed the creation of the Paddock Place allocation area and approved pledging 80% of the allocation's incremental tax-increment financing (TIF) revenues to taxable economic development revenue bonds not to exceed $3,200,000.
Commissioners opened a public hearing on the confirming resolution and closed it with no public comments before approving the declaratory resolution by voice vote. The commission then approved a resolution pledging the Paddock Place allocation area TIF revenues to bond payments; the redevelopment commission retains the remaining 20% of the increment for lawful purposes.
Why it matters: The Paddock Place pledge is intended to help finance…
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