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Denison Reinvestment Zone No. 5 board approves developer reimbursement after TIF update
Summary
The Denison Reinvestment Zone No. 5 board on April 27 voted unanimously to disburse $142.56 to the city and $21,701.86 to a developer after staff reported the zone's tax increment fund balance of $1,681,805.88 and reviewed submitted invoices for the Rosemary/Viking Street work.
The Denison Reinvestment Zone No. 5 board on Monday, April 27 approved reimbursements of $142.56 to the City of Denison and $21,701.86 to the developer identified in the meeting record (variously transcribed as JPN PHM, JNPHM, JMPHN or JMPHM Development) after a staff presentation on the zone’s tax increment fund.
Macedo, who presented the tax increment fund update, said “the total balance as of March 8 is $1,681,805.88,” and told the board the zone has shown an average valuation growth of about 14% year over year. He noted prior reimbursements, including a DDA sewer-line reimbursement, and a small…
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