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Tax Increment Financing (TIF) - Information Update

posted Aug 31, 2018, 6:00 AM by Tody Justice   [ updated Aug 31, 2018, 6:01 AM ]

The Town Council met with the Town Attorney and staff in executive session on Wednesday, August 29 to consider the merits of a

financial partnership, through a credit enhancement agreement, on the Downs project.   This meeting was productive, but not conclusive, and the Town Council has scheduled another executive session for Wednesday, September 5 to continue this discussion.   The public workshop, originally scheduled for September 5, will be postponed until the Town Council completes its evaluation and is prepared to advance a proposal.  In the meantime, the Town is conducting proper due diligence on the analyses by hiring an independent consultant to review the market forecasts and associated buildout scenarios.

Regardless of the outcome of the discussions with the Downs and irrespective of whether a financial partnership is pursued, the Town is likely to move forward with establishing a “Downtown” tax increment financing district.  This would not commit the Town to any revenue sharing agreement but would provide a framework for spurring economic and community development in a number of ways.