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Vinton City Council approves TIF payment allocating 64% to developer, 36% to Solid Waste fund
Summary
The Vinton City Council approved a resolution obligating urban renewal tax revenue for the current fiscal year: 64% of the tax increment will be returned to the project developer and 36% to the city's Solid Waste fund, council members voted by roll call.
The Vinton City Council on Jan. 23 approved a resolution obligating funds from the urban renewal tax revenue (TIF) fund to satisfy tax increment financing obligations that come due in the current fiscal year. Council members approved the measure by roll call.
Councilors said 64% of the taxes identified for this fiscal year will return to the developer of the Anderson Creek project (mentioned in discussion as…
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