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Finance committee recommends continuation of Troy Town Park TIF and four enterprise-zone agreements
Summary
The Troy Finance Committee unanimously recommended that the council continue the Troy Town Park TIF and four enterprise-zone agreements (three with Kagra Foods and one with Clope) and requested emergency legislation to meet an imminent state filing deadline.
Todd Severt, chairman of the Troy Finance Committee, said the panel unanimously recommended forwarding to council the continuation of the Troy Town Park tax-increment financing (TIF) arrangement and four enterprise-zone agreements, and requested emergency legislation to meet a state filing deadline.
"This is the annual review," the presenter, Mr. Teddington, said, adding that the Troy Town Park TIF has been in existence for more than 20 years and "we are recommending that that agreement continue." He said the four enterprise-zone agreements — three with Kagra Foods and one with Clope — are in compliance with their terms.
The request for emergency legislation is to accommodate a state deadline at the end of March for required filings, Teddington said, and the committee noted that timing depends on businesses providing closing-year data.
The committee raised no objections. After brief confirmation that there were no questions from council members or the public, the finance committee issued a unanimous recommendation to send the measures to council with a request for emergency consideration.
The committee's action is a recommendation to the full council; final approval and any ordinance language would be set by council and subject to statutory requirements for emergency enactment.
