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Council approves TIF agreement for 122 North Main Street; third payment conditioned on sales-tax-generating lease
Summary
The council unanimously approved a TIF redevelopment agreement with Curious Nomad LLC for 122 North Main Street. The agreement provides three equal annual payments not to exceed $87,783.95 in total; the third payment is contingent on a lease for a sales-tax-generating business expected to produce at least $5,000 in annual home rule sales tax.
The Washington City Council unanimously approved a tax-increment financing (TIF) redevelopment agreement for 122 North Main Street with Curious Nomad LLC.
Community and Planning Director John Alfond told the council the agreement is structured to provide three equal annual payments with a not-to-exceed total of $87,783.95. “The third of those… would only kick in if or when…
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