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Council approves increase to interfund loan for Broadway TIF to $1.5 million
Summary
The council voted to raise the interfund loan ceiling for Tax Increment Financing District 5-31 (300 block of Broadway) to $1.5 million to cover remaining costs including theater demolition and other redevelopment expenses.
City staff told the council the existing interfund loan for TIF 5-31 (Downtown Broadway/300 block) had an approved maximum of $2 million and the current outstanding balance was about $800,000 after prior actions, including costs associated with removal of the theater building approved under Resolution 25-175. Staff requested increasing the interfund loan maximum to $1.5 million to provide adequate funding for final project costs.
Councilor Christensen moved the resolution and Councilor Anderson seconded. After brief discussion the council voted in favor and the motion carried.
Staff advised the increase is intended to cover project-related costs while TIF revenues and project proceeds are realized; the loan change gives staff flexibility to proceed with the approved redevelopment steps already before the council.
