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Council approves up to about $2 million reimbursement for Cinemark-area infrastructure
Summary
Council approved a developer reimbursement tied to a local TIRZ/TERS fund for infrastructure associated with a future Cinemark development; city staff said the payment will come from growth-generated funds and only after agreement requirements are met.
The Greenville City Council approved a reimbursement request tied to infrastructure work completed by a developer for the future Cinemark development.
"Now this particular reimbursement was approved in an amount up to about $2,000,000," Daniel Sarks, communications manager for the City of Greenville, said in the meeting recap. Sarks explained the developer paid upfront for streets, drainage and other improvements and the reimbursement will come from a TIRZ/TERS fund generated by growth in the development area, not from the city's general fund. He emphasized the payment will occur only after all development-agreement requirements have been satisfied.
Council did not provide additional line‑item detail in the recap about the exact timing of payment or milestones that must be met. The recap indicates the arrangement uses growth-generated incremental revenue to repay developer investment rather than drawing on general operating funds.
