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Hot Springs council approves Cascade Hills PUD and a tax-increment financing district for 51-home subdivision
Summary
The council approved zoning and a TIF for the Cascade Hills subdivision, a roughly 10-acre project of about 51 lots intended to spur workforce housing. Developers and hospital officials said the project poses no financial liability for the city; the TIF is estimated at $2,698,000 and tied to a 15-year repayment horizon.
The Hot Springs City Council voted to approve a planned unit development (PUD) and a tax-increment financing (TIF) district for the Cascade Hills subdivision, a roughly 10-acre project that project representatives said will include about 51 home sites and aims to provide workforce housing for the community.
Quinn, a Colliers representative, told the council the financing structure included a TIF of $2,698,000 and an estimated TIF expiration in 2041. "Total TIF is 2,698,000. Estimating expiration date of 2041," Quinn said while describing how the TIF would be an annual appropriation and would not create liability for the city.
Jeremy Scholtes, CEO of the local hospital, and other project backers described the…
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