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Mission council approves TIRZ extension and authorizes up to $18 million in bonds to fund redevelopment projects
Summary
The City of Mission extended the term of Tax Increment Reinvestment Zone (TIRZ) No. 1 by 15 years and authorized the mayor to execute a resolution allowing the Mission Redevelopment Authority to issue bonds capped at $18 million to reimburse approved projects, with the planned borrowing set at $17 million.
The Mission City Council on April 28 approved an amendment extending the term of Reinvestment Zone No. 1 by 15 years and authorized the mayor to execute Resolution No. 2058, allowing the Mission Redevelopment Authority to issue bonds not to exceed $18,000,000 to finance TIRZ projects.
Mission EDC executive staff said the approved borrowing is $17,000,000 and that the $18,000,000 cap reflects additional fees associated with bond counsel and…
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