Authorize a tax increment financing (“TIF”) development agreement and all other necessary documents in an amount not to exceed $1,778,000.00 (“TIF Subsidy”) payable from current and future Transit-Oriented Development (“TOD”) TIF District funds with UCR Development Services LLC and/or its affiliates, in consideration of the Lancaster-Corning Retail Development Project on property currently addressed at 3011 through 3039 South Lancaster Road in Tax Increment Financing Reinvestment Zone Number Seventeen (“TOD TIF District”) - Not to exceed $1,778,000.00 - Financing: TOD TIF District Fund (subject to annual appropriations from tax increments)

What this record is

Held by

UCR Development Services LLC

Amount

$1.78M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

contract

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Read automatically from the title of the official record. The source document below is authoritative.

Committee

Office of Economic Development

Requested by

Office of Economic Development (ECO)

Introduced

February 3, 2024

On agenda

February 28, 2024

Enactment no.

24-0356; APPROVED AS AN INDIVIDUAL ITEM

Where it was heard

City Council Feb 28, 2024

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