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IDB acknowledges city council mendment to Northgate Mall TIF, lowering maximum to $8.7 million
Summary
The Industrial Development Board acknowledged a city-council amendment that reduced the Northgate Mall TIF allocation from $9.2 million to $8.7 million (plus interest) following a third-party review; the board approved a clerical resolution to recognize the council ction.
The Industrial Development Board of the City of Chattanooga on Tuesday voted to acknowledge a city-council amendment to the Northgate Mall economic impact plan that reduces the maximum tax-increment financing allocation to $8.7 million plus interest. Sherita Allen, senior advisor for economic development and workforce development, said a third-party reviewer recommended a TIF range of $7.7 million to $8.7 million and the council ccepted the lower figure instead of the applicant sking for $9.2…
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