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Consultant: downtown area likely qualifies for new TIF district; public hearing set for Dec. 2
Summary
A consultant told the council the proposed downtown study area likely meets conservation and blight criteria under the TIF Act (88% of structures 35+ years old; 132 vacant parcels); staff outlined next steps including a public hearing Dec. 2 at 6 p.m. and potential ordinances Dec. 16.
Jared, identified in the transcript as representing Iran Economic Development, presented a feasibility study for a proposed downtown tax increment financing (TIF) district and concluded the study area would likely qualify as a combination of a conservation area and a blighted area under the TIF Act.
Jared said the study area generally follows the footprint of the former downtown TIF with minor changes and includes about 405 parcels (446 unique parcel identification numbers). He said 88% of structures in the boundary are at least 35 years old, with a median construction year of 1925, and that many properties exhibit age-related…
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