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Council hears legal briefing on Tax Increment Financing for Southside Commercial Development
Summary
Attorney Amy Bjork explained how Tax Increment Financing and a new Urban Renewal Area could help fund infrastructure for the Southside Commercial Development and noted the area would be annexed; she recommended the council consult the developers on plans and timing.
The Inwood City Council met virtually with Amy Bjork, an attorney with Dorsey & Whitney, who explained Tax Increment Financing (TIF) as a financing option to assist with infrastructure costs for the proposed Southside Commercial Development.
Bjork told the council that creating a new Urban Renewal Area and annexing that area into the city would allow the use of TIF proceeds to support public infrastructure tied to the development. She advised council members to speak with the developers to understand project plans, timelines and prospective lot sales before taking further steps.
The minutes record this as an informational briefing; no formal action or vote on creating an urban renewal area or on annexation was recorded in the meeting minutes.
