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Consultant outlines TIF, district energy and public–private partnership as funding path; developer says details pending
Summary
Consultant Jim Brainard described tax increment financing, a civic development corporation and district energy options as potential revenue and financing tools for Prospect’s master plan and urged conservative projections; developer Wes Johnson said unit counts and parking remain to be determined and that the team hopes to advance momentum toward construction.
At a joint meeting of Prospect’s City Council and Architectural Review Committee, consultant Jim Brainard and private developers described financing options for the proposed head-property redevelopment, highlighting tax increment financing (TIF) and the possible use of a civic development corporation to build district energy infrastructure.
Brainard, the former mayor of Carmel, Indiana and a paid consultant to Prospect, told the meeting that cities commonly use a tax increment finance district to borrow against future property-tax growth to fund upfront infrastructure. “The way to get this sort of thing done is a public private partnership where the city takes on things…
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