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Developer pitches Vesper Village tax-increment plan as private funding for new boulevard and infrastructure
Summary
An attorney and consultant for the Vesper Village project presented an economic impact plan describing a tax-increment financing structure that would use future incremental property taxes to reimburse developer infrastructure costs (proposed 70/30 split); presenters projected job creation and multi‑million‑dollar tax‑base increases and the council—
Attorneys and consultants for the proposed Vesper Village development presented an economic impact plan to the Springfield Board, describing a tax‑increment financing (TIF) approach that would use future incremental property‑tax revenue to reimburse the developer for specified public‑infrastructure costs.
Tom Trent, attorney for the developer, told aldermen that under the plan "no dollars that you currently have in your budget are going to this. Only the increased dollars and only a portion of those" would be used for reimbursement. Trent said the investor…
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