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Consultant briefs Cottage Grove council on tax increment financing, $65.4M maximum indebtedness projection
Summary
Consultant Elaine Howard gave a primer on tax increment financing and presented a draft urban renewal boundary focusing on downtown; she said the draft 30‑year maximum indebtedness projection is $65,400,000 and outlined proposed project categories and a compressed adoption timetable.
Elaine Howard, a consultant working with the city, briefed the Cottage Grove City Council on the mechanics and status of a proposed urban renewal area (tax increment financing) and outlined a preliminary project list, statutory limits and a proposed adoption timeline.
Howard emphasized that tax increment financing is not a new tax but a way to capture increases in assessed value inside a defined boundary and use the increment to pay for projects and programs. She said the draft boundary covers…
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