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Council debates $2 million Square Southtown TIF draft; staff to finish contingency language while appellate stay remains
Summary
Council and developers discussed a draft $2 million TIF package for the Square (Southtown) mall. Staff described payment timing, escrow/clawback options and litigation constraints; council agreed to keep drafting contingency language and do not finalize a binding agreement while an appellate‑court stay remains in force.
The City of Effingham and representatives of Square Southtown LLC spent an extended portion of the meeting reviewing a draft tax‑increment financing (TIF) agreement for the Village Square Mall redevelopment. Developers requested up to $2,000,000 in TIF assistance; staff outlined terms including property‑assembly costs of $1,275,000, a proposal to pay 50% of that amount within 60 days of closing, and pay‑as‑you‑go progress payments for the remaining work.
Staff and legal counsel warned that the proposed agreement is…
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