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Council approves transfer of TIF development agreement for Bloomfield True Value to new owners
Summary
Bloomfield approved transferring the remaining TIF development agreement rebate (about $41,000) from Dom Enterprises to the buyers — Grant Holdings LLC and DC Hardware LLC — so the sale of the store can proceed under the existing rebate terms.
The Bloomfield City Council approved transferring the remaining balance under a development agreement tied to Bloomfield True Value from the seller, Dom Enterprises, to the buyers, Grant Holdings LLC and DC Hardware LLC.
Staff explained that the agreement matures in June 2028 and that a remaining rebate eligibility of a little over $41,000 exists. The council considered two options: transfer the remaining rebate to the new owners under the existing terms (option D) or terminate the agreement to allow the sale to proceed without future city payouts (option E). The council moved to approve the transfer (option D) so the sale can proceed under the prior reimbursement schedule; the clerk recorded assent to the transfer.
Council members noted that TIF funds (referred to in the meeting as ‘TIP funds’) have reporting requirements to the county and that the city’s December reporting will include the request to certify the expense. No public comment was offered on the item during the meeting.
