A TIF gives developers the ability to borrow ahead on anticipated increases in property taxes that will be generated by development of the property. Often the financing is used for the development of roads, curb and gutter. Bonds are paid back in 20 years or less.
According to the TIF proposal submitted to the city,
"Any house or twin home would have to be as high as any house already there," said Anderson, explaining that a TIF is the only feasible way to develop the lot because of the extra work that's needed.
Anderson said the TIF is also one of two major hurdles needed to allow the project to move forward. The next hurdle, he said, is getting favorable bids on the project.
The proposed development will include 10 duplexes and an extension of
If approved, the request will go before the
"Without a TIF, it will stay the way it is," Anderson said.
Anderson said the area included in the TIF will be the final development on property purchased by
"It's way more difficult to develop property on the east side (of the creek)," said Anderson, adding that property owned by D&H on the east side will likely not be developed.
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