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Henderson City Council approves grant application and creates synthetic TIF to fund local match
Summary
Henderson City Council unanimously approved two resolutions Sept. 25, 2023, to apply for a U.S. Department of Transportation Reconnecting Communities and Neighborhoods grant for the NCDOT S-Line Mobility Hub and to create a Synthetic Tax Increment Financing district to provide a local match (staff discussed a 5% city contribution).
Henderson City Council unanimously approved two resolutions Sept. 25 to seek federal funding for the NCDOT S-Line Mobility Hub and to establish a Synthetic Tax Increment Financing (TIF) district to support a local match.
City Manager Edward T. Blackmon opened discussion by introducing the U.S. Department of Transportation’s Reconnecting Communities and Neighborhoods (RCN) grant as an opportunity to fund construction of S-Line components including a mobility hub, platform and surface parking. Assistant City Manager Paylor Spruill told the council that NCDOT is seeking a 20% local match, which the minutes record as $6 million, and that staff are proposing a smaller 5% city commitment via a Synthetic TIF to make the application more competitive.
Staff explained that the…
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