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EDA approves two incentives for Northside Drive industrial project — up to $350,000 synthetic‑TIF and $250,000 building reuse grant
Summary
The EDA approved a synthetic TIF performance payment up to $350,000 (75% of new tax revenues for up to 10 years, contingent on approvals) and a $250,000 building reuse grant as a 1:1 match to support a proposed 72,000 sq. ft. industrial flex building by Southern Development near Airport Road and Lewis and Clark Drive.
The Economic Development Authority voted Jan. 20 to approve two incentives for a proposed industrial project on Northside Drive being advanced by Southern Development Group.
County staff described two actions: a synthetic TIF (tax increment financing) performance agreement that would remit an amount equal to 75% of new tax revenues for up to 10 years, capped at $350,000, contingent on permits, quarterly progress reports and completion of purchase and development by June 30, 2027; and a building reuse grant…
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