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Commission approves amended TIF plan and IRB actions to support two new Premier Auto dealerships
Summary
After a public hearing and staff presentation, the commission approved an amended TIF project plan increasing eligible reimbursement from $2.2 million to about $2.77 million, and authorized Phase 1 IRBs for a sales-tax exemption on the first dealership and a resolution of intent for Phase 2 IRBs for the second dealership.
Following a resumed public hearing, the commission on Sept. 11 approved amendments to a Tax Increment Financing (TIF) project plan and took two related industrial revenue bond (IRB) actions to support a dealership development team bringing two new auto dealerships to Ottawa.
Tyler Ellsworth, representing the development team, told the commission that infrastructure improvements required for the two dealership sites—stormwater work and road improvements on 20 Third Street among other items—resulted in higher-than-expected costs. He said staff reviewed the request and recommended increasing the TIF reimbursement for eligible infrastructure from $2,200,000 to approximately $2,770,000 while retaining the original…
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