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Draft downtown TERS plan totals roughly $27 million; DRC delays formal recommendation to allow review
Summary
Josh Armstrong presented a draft downtown tax increment reinvestment zone (TERS) project list totaling about $27 million and cautioned debt interest would add roughly $6.9 million; the committee asked for more time to review materials and agreed to delay a formal recommendation to council pending digital copies and additional review.
Josh Armstrong presented the draft downtown tax increment reinvestment zone (TERS) project plan and said the consolidated project list tallied to roughly $27,000,000. Armstrong noted that if projects are financed through debt the interest component materially reduces the amount of projects that can be paid for — he estimated debt/interest at roughly $6,900,000 — and recommended holding a…
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