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Council advances Colfax Corner/IDD financing after extended public comment and legal questions
Summary
Council's Committee of the Whole recommended sending Bill 05‑26 (authorization for taxable economic development bonds and IDD designation for Colfax Corner) to full council with a favorable recommendation after presentations showing $154 million in projected investment and public testimony both supporting and urging more disclosure; opponents pressed for full agreement disclosure and legislative ratification.
The Common Council's Committee of the Whole advanced Bill 05‑26 on Jan. 26, sending it to the full council with a favorable recommendation for third reading. The bill would authorize issuance of taxable economic development bonds tied to the Colfax Corner redevelopment and support the newly established Innovation Development District (IDD), a tool to capture and retain certain state tax increments locally.
Caleb Bauer, executive director of Community Investment, said the Colfax Corner project would be a $154 million investment that could create more than 400…
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