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Council approves TIRZ changes and Chapter 380 agreement language for Grandscape hotel-convention project
Summary
The Colony City Council approved amendments to the Grandscape tax increment financing plan that set aside $2.5 million for capital repairs and approved related payments, and voted to proceed with a Chapter 380-style framework for a proposed hotel and convention center with LMG Ventures LLC (a Nebraska Furniture Mart entity).
The Colony City Council on Dec. 2 approved amendments to the Tax Increment Reinvestment Zone (TIRZ) financing plan for Grandscape and took steps to authorize a Chapter 380-style agreement framework for a hotel and convention center proposed by LMG Ventures LLC, an entity associated with Nebraska Furniture Mart.
Tim Miller, who presented the TIRZ supplement, described the amendment as a two-part change: it sets aside $2,500,000 in capital repair funds for the Grandscape site, to be provided as $500,000 per year once bonds are satisfied, and it updates terminology used in the financing documents (changing references from “master development agreement” to a Chapter 380 agreement). Miller said the set-aside is…
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