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Vienna council approves consent to assign mall TIF so buyer can assume redevelopment deal
Summary
The Vienna City Council unanimously approved consent allowing Grand Central Parkersburg LLC to assign its tax-increment financing (TIF) development agreement for the Beyond Grand Central redevelopment to Cofaro GC Mall LLC, enabling a pending sale to proceed while preserving the negotiated financing terms.
Vienna City Council voted to consent to an assignment of the city's tax-increment financing agreement for the Beyond Grand Central redevelopment, allowing the buyer to assume the TIF benefits negotiated under the original development agreement.
Mister Skogstad, who read the resolution to the council, said the assignment would transfer the rights and obligations negotiated under the TIF to Cofaro GC Mall LLC, an Ohio…
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