Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Committee advances Addison Property TIF cooperation agreement to full council
Summary
Tom Morris presented a cooperation agreement that would formalize use of TIF proceeds for the Addison project; the committee voted to send the agreement to committee of the whole despite pending legal review and an upcoming bond issuance by the developer.
Tom Morris told the committee the Addison Property cooperation agreement would finalize how tax-increment financing proceeds are used for eligible public projects supporting the Addison development. He said the agreement follows the development agreement authorized in December and that legislation enabled 70% of property tax increases to be used for the project.
Morris noted the cooperation agreement is the final document needed and that Addison plans to issue bonds next month. The draft had not yet completed legal review. Following brief discussion, Council Member Mike Reese moved the item to committee of the whole; Council Member Angela May seconded and the motion carried unanimously.
The committee advanced the cooperation agreement to committee of the whole so staff and legal counsel can complete review before the full council considers formal authorization and any bond-related approvals.
