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Council reviews TIF cooperation agreement for Bell Hooks development in second reading
Summary
An ordinance (42-2026) would authorize a cooperation agreement with the county port authority to meet a state requirement for tax-increment financing tied to the Bell Hooks development; staff said the item would initially cover two apartment buildings and that an earlier TIF has been in place since 02/21/2020.
City staff presented Ordinance 42-2026 on second reading, which would authorize execution of a cooperation agreement with the Cleveland County Port Authority to satisfy a state-law requirement for tax-increment financing (TIF) in connection with the Bell Hooks development. Staff said the city’s role under the statute is essentially to act as a pass-through and that a trustee would be appointed to receive property-tax increments to service bonds for the development.
During discussion, council members asked whether an existing TIF was in place and which portions of the project the ordinance would cover. Staff reported that a TIF has existed since February 2020 and that the current cooperation agreement would cover two apartment buildings; additional buildings would be added to the financing arrangement as construction proceeds.
Staff noted that school-district tax distributions and county processes would continue and that the TIF affects the allocation of incremental property taxes, subject to the statutory framework. No vote on final adoption occurred during this portion of the agenda; the item remained under consideration.
