Democracy on the Front Lines
City Administrator’s Blog
Walter Denton
June 1, 2010
A major economic development project is moving forward this week. Located on South Lincoln Ave. between Dartmouth and I-64, the project consists of an office project and public open space that will relieve chronic flooding problems in the Southview neighborhood. The project will be funded through the expansion of a Tax Increment Financing District.
The project is called “Lincoln Corporate Center,” but most people know the property as the Rasp Farm. The property has been vacant for many years and is vulnerable to flooding due to runoff from the interstate highway. The use of Tax Increment Financing will eliminate the flooding problems and since we are expanding an existing TIF District, the tax incentive will only be in effect for eight years rather than the 23 years possible in the state TIF law.
The TIF Plan for the project will be on the June 7 City Council meeting agenda and is the first step in a long process to approve the project. If all goes according to schedule, the final vote to approve the project will take place in August.
The TIF Plan is on the City’s web site. You can view maps, Frequently Asked Questions, contact information, and extensive legal language that justifies the use of TIF for this project.
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