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Most of the investment in Downtown Phase II would be paid for by the developer. The developer will receive NO TAX ABATEMENTS for this project.
Currently, the City has invested approximately $10 million in the cost to purchase the land, build a new bus garage for the schools and a salt storage facility for the City, and demolish the current buildings on the property. This City investment will be paid back through taxes generated from the new jobs and houses, NOT from current taxpayers. This form of Tax Increment Financing (TIF) is the same way the City paid for its portion of First & Main.
When completed, Downtown Phase II would generate an additional $1,800,000 in property taxes annually through the new homes, and an additional $700,000 to $1,000,000 annually in income tax from the new jobs created in Downtown Phase II. The income tax from these new jobs provides more General Fund revenues to be used for City services such as roads and stormwater.
Learn more about Downtown Phase II here.