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Urbana council approves purchase of 30 acres to keep TIF 4 funds local amid debate
Summary
The Urbana City Council voted to buy roughly 30 acres of Pickerel Properties using $915,000 left in TIF 4 to preserve redevelopment options before TIF 4 expires on Dec. 31; council and residents debated the risks and likely uses, with staff stressing the narrow deadline to retain TIF funds.
The Urbana City Council voted to authorize staff to purchase roughly 30 acres known as Pickerel Properties using funds remaining in the City's TIF 4 district, a move staff said is needed before TIF 4 expires on Dec. 31.
City presenter Olivia told the council the purchase would use about $915,000 for acquisition plus $10,000 to cover a lease with the current farmer. "The purchase of Pickerel Properties is inextricably linked with the expiration of TIF 4," Olivia said,…
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