Council approves development agreement with Luther Investments despite objections
The Slater City Council approved a development agreement and related resolution for a barbecue restaurant proposed by Luther Investments LLC after debate about funding sources and risk; at least one council member publicly recorded a negative vote and council discussed $200,000 general fund advance and TIF-related mechanics.
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Council members debated the terms of a development agreement with Luther Investments LLC, a project to support a new barbecue restaurant. One council member said the city's financial commitment was "an awful lot of money" and raised concerns that the city would front $200,000 from the general fund as a city advance anticipated to be reimbursed through tax increment financing; the council member also questioned the absence of a guaranteed secondary benefactor for the road construction.
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