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Council questions $3 million TIF request for 3510 West Elm Street rehabilitation
Summary
Developers said the 3510 West Elm Street rehab would raise assessed value from $670,000 to $1.7 million but still generate little TIF increment; several aldermen said a $3 million area‑wide TIF grant is excessive and would set a bad precedent. No formal vote was taken.
Developer representatives asked the city council on Dec. 15 to consider tax‑increment financing (TIF) assistance for a rehabilitation at 3510 West Elm Street, but multiple aldermen expressed strong reservations about the size and form of the request.
For the record, Christopher Stark, a TIF consultant with Johnson Research Group, told the council the parcel’s assessment history makes the project a difficult fit for typical TIF structures. "The current value of the property is $670,000 and the post rehab value would be $1,700,000," Stark said, adding that because the district’s base equalized assessed…
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