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Council hears plan to shift Park and Popular bond to developer-backed financing, allowing future land transfer
Summary
Westfield staff presented ordinance 26-21 to replace city-backed bonds with developer-backed financing for the Park and Popular project, enabling a land transfer of a parking garage at closing; staff said the structure reduces taxpayer risk and preserves the city's bonded capacity.
City staff on April 13 outlined a financing change for the Park and Popular development that would replace a previously authorized city-backed tax-increment-financing (TIF) bond with a developer-backed bond and allow a future land transfer for a privately owned parking garage.
Janelle Fehrman, executive chief of economic and community development, said the developer requested the change to enable the transfer of the parking-garage land at closing. "This would be a change from a city-backed bond which is a risk to the taxpayers so it is using the city's credit to a developer…
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