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EDC hears TIR(S) board overview; staff says about $70,000 remains in tax‑increment fund
Summary
Town staff briefed the Economic Development Corporation on the town’s Tax Increment Reinvestment Zone (TIR(S)): history, allowed uses, an estimated $70,000 fund balance, and the zone’s current expiration on Dec. 31, 2034; Town Council retains final project approval.
Town staff presented an overview of the town’s Tax Increment Reinvestment Zone — referred to in the meeting as TIR(S) — on Nov. 20, explaining the zone’s history, legal limits and available funds.
Speaker 1 (town staff) said the TIR(S) plan was adopted by ordinance in 2013 after an initial 2007 resolution and that the town amended developer agreement language in 2016. Staff noted final payments on prior developer agreements…
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