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Redevelopment panel confirms TIF capture, pledges up to $20.5M for NewCold phase 3
Summary
The Lebanon Redevelopment Commission on Oct. 14 confirmed an amendment allowing capture of incremental personal property taxes for NewCold's Phase 3 allocation area and approved pledging up to $20.5 million in TIF-backed revenue bonds for the project.
The Lebanon Redevelopment Commission on Oct. 14 confirmed an amendment to the declaratory resolution for the NewCold Phase 3 allocation area and approved pledging incremental tax-increment financing (TIF) revenues to pay up to $20,500,000 in taxable economic development revenue bonds.
Commission members opened and closed a public hearing on the confirmatory resolution with no public comments and then approved the resolution by voice vote. The commission later approved a separate resolution pledging the Phase 3 allocation area's incremental real and personal property taxes to the bond payments.
Why it matters: The pledge would allow the city to back a portion of the developer's financing for the project by…
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