City Council

Agenda — 1 item

1. First reading of Ordinance No. 2025-02 entitled "AN ORDINANCE APPROVING AND ADOPTING AN ECONOMIC DEVELOPMENT PLAN; CREATING A RESIDENTIAL TAX INCREMENT FINANCING INCENTIVE DISTRICT TO BE CALLED THE "MEADOWLARK INCENTIVE DISTRICT"; DECLARING IMPROVEMENTS TO THE PARCELS WITHIN THE INCENTIVE DISTRICT TO BE A PUBLIC PURPOSE AND EXEMPT FROM REAL PROPERTY TAXATION; REQUIRING THE OWNERS OF THOSE PARCELS TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF THOSE SERVICE PAYMENTS; AND SPECIFYING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS THAT BENEFIT OR SERVE PARCELS IN THE INCENTIVE DISTRICT; AUTHORIZING THE EXECUTION OF A TAX INCREMENT FINANCING AGREEMENT."

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