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Plan Commission approves amendment to TID 5 and establishes TID 7 to fund north-side infrastructure
Summary
The New London Plan Commission voted to recommend amending Tax Increment District 5 to support a downtown apartment project and to establish Tax Increment District 7 to capture value from a planned Aldi and fund north-side infrastructure. Commissioners discussed phasing, financing gaps and developer agreements.
New London — The Plan Commission voted to recommend approval of an amended project plan and boundary change for Tax Increment District (TID) 5 and to establish TID 7, both measures the commission said are intended to help finance development and infrastructure.
Harry, a consultant from Ehlers, told commissioners that TID 5 would be amended to add nearly one acre (two parcels) south of the existing downtown district to support construction of an apartment building and to reconcile earlier project-plan figures with audited financials. "So tax increment, at the end of the day, it's a financing tool," Harry said, describing how new growth in a district funnels tax increment revenues into a special fund the city can use to pay development-related costs.
Harry said the TID 5 amendment reflects a "true up" to…
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