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Council grants unanimous consent to consider bond issuance to redeem part of TIF 5 debt at Redstone Gateway
Summary
Council gave unanimous consent to consider and then approved an ordinance authorizing a taxable general obligation warrant to redeem $11.1 million principal of TIF 5 obligations for the Redstone Gateway district; finance staff said the district had the revenue to support the take-down and the city recorded no net cost to its general fund.
The City Council voted unanimously to consider and then approve an ordinance authorizing the issuance of taxable general obligation warrants (Series 2025C) to redeem a portion of the City—'s Tax Increment Financing (TIF) District No. 5 obligations at Redstone Gateway.
Finance Director Penny Smith explained the financing is tied to the TIF 5 district (Redstone Gateway) and that, based on the city—'s analysis, the district…
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