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Park City council approves resolution to call public hearing on TIF district at 69th and Broadway
Summary
Council voted 6-0 to approve a resolution calling a March 24 public hearing to consider creating a tax-increment financing (TIF) redevelopment district at 69th Street North and Broadway after a developer presentation described floodplain remediation, phased housing and an estimated $59–$79 million private investment.
Park Citycouncil on Feb. 10 voted unanimously to approve a resolution calling a March 24 public hearing on whether to create a tax-increment financing (TIF) redevelopment district at 69th Street North and Broadway.
Dominic Ek of Gilmore & Bell opened the discussion by outlining the TIF process: a TIF does not raise new taxes but redirects taxes generated by new property valuation in a defined area to pay eligible project costs, with district formation followed later by a project plan that would set the share of increment and details.
Tim Austin of Iron Horse Development told the council the roughly 145-acre site was largely in the FEMA 100-year floodplain and that…
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