Council approves Trace Commons allocation area, clearing way for developer-backed bonds
The council approved Resolution 26-146 (5-1), adding three parcels to an Eastside Economic Development Area and creating the Trace Commons TIF allocation area to support public improvements and a developer-backed bond that will split proceeds 60/40; $1 million of the city's share was earmarked for a State Road 32 roundabout.
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The Westfield City Council approved Resolution 26-146 by a 5-1 vote, creating a project-specific tax-increment finance (TIF) allocation area for the Trace Commons development along State Road 32 and Shady Nook.
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