Latest news with #TIFs
Yahoo
29-05-2025
- Business
- Yahoo
Goodlettsville Board of Commissioners set to consider RiverGate Mall economic plan
GOODLETTSVILLE, Tenn. (WKRN) — City leaders in Goodlettsville are set to pass a major economic plan related to the complete revitalization effort of the RiverGate Mall property. As part of the plan to completely overhaul the northern Davidson County property, Metro Nashville leaders passed a substantial economic plan related to the deal. The plan estimates nearly $100 million in annual earnings and millions more in tax revenues for the community. RiverGate Mall redevelopment could make multimillion-dollar impact in Nashville Because the property is also located in Goodlettsville and Sumner County, the Goodlettsville Board of Commissioners must also approve all the plans Metro has for the property. They will have a special called meeting on Thursday, May 29, in order to go over the proposed economic plan and give their stamp of approval on it. The conceptual site plan for the RiverGate Mall property redevelopment includes a number of components, such as multifamily housing, townhomes for sale, senior housing, retail, restaurant, sports and entertainment facilities, medical offices, general offices and hotels. The goal will be an 'integrated mixed-use community' that will 'promote significant economic development,' according to Metro documents. In addition to considering the economic plan, Goodlettsville commissioners will also consider a tax increment financing plan, or a TIF, as part of the overall proposal for the city. Neighborhood News: Stories impacting your community | Read More According to the Tennessee Comptroller of the Treasury's office, TIF projects allow cities to pay for community improvement projects using future tax revenues. TIFs essentially allow development projects to pay for themselves over time, such as by increased property tax values for specific developments. Commissioner Jesse Walker told News 2 he was 'encouraged' by the proposal before the commission. 'Throughout my campaign, one of the most common concerns I heard from Goodlettsville residents was the need to revitalize the RiverGate area. I'm encouraged to see a viable proposal on the table and look forward to working closely with the developer, and Metro Council, to ensure that any project brought forward serves the best interests of our entire community,' he said in a statement. 'A development of this scale has the potential to bring a transformational effect to RiverGate, and I'm committed to making sure we get it right.' The board of commissioners will meet at 7 p.m. Thursday, May 29, at City Hall – Massie Chambers. Do you have news happening in your neighborhood? Let us know by sending an email to neighborhoodnews@ Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
01-03-2025
- Business
- Yahoo
Norman petitioners want OK Supreme Court to hear entertainment district funding case
NORMAN, Okla. (KFOR) — A group advocating against a taxpayer funded plan to help build a billion dollar entertainment district in Norman plans to appeal to the Oklahoma Supreme Court to send the issue to a public vote. Oklahomans For Responsible Economic Development started the referendum petition process in 2024 after the Norman City Council voted 5-4 to move forward with an agreement that would see the project partly funded by two Tax Increment Finance Districts (TIFs). The vote came after at least seven hours of debate that lasted into the early hours of the morning. The project would include a new arena for OU athletics, retail, housing, and office space near I-35 and Rock Creek Road. Update: Decision on Norman's proposed $1.1B Rock Creek Entertainment district goes to court The first TIF uses sales tax, while the second is an ad valorem tax. The University of Oklahoma is also funding part of the project. Opponents have made it clear that they don't oppose the project itself, just the funding plan. OU President Joseph Harroz Jr. encouraged the city council to say yes regardless last year. 'You either get on board and invest or you get left behind,' Harroz said during a September council meeting. The petition to send the issue to a vote of the people received over 10,000 signatures in less than 30 days, but opponents of the TIF funding plan were sued regardless. An initial argument for attorneys representing individuals in favor of the TIF first tried to contest the signatures themselves, arguing that the gist of the petition wasn't legally sufficient to send it to a vote of the people. That argument, challenging the validity of the signatures, was dropped this month, but a Cleveland County District Judge ruled the gist of the petition wasn't legally sufficient, meaning the issue couldn't go to a vote. 'We could've written a thousand gists here and it was gonna be challenged,' said Rob Norman, attorney for ORED members sued after the petition. 'This is a journey.' He explained on Friday, in front of a room packed full of dozens of Norman citizens, that his clients believe voters deserve to have their voices heard, saying that Oklahoma's constitution guarantees the right to a referendum petition by the people. Norman says he has less than 30 days to file an appeal on his client's behalf, but it's not done yet. He said he didn't want to say much about what it would include, but made several pointed comments about the gist debate. 'If you really want to know what the real gist is, we want to bring this to a vote of the people and that's all,' said Norman. Norman says he's hoping the appeal will get the attention of Oklahoma's highest court, which could decide whether or not they'll hear it personally or if the case will be heard at all. 'We're gonna ask the Oklahoma Supreme Court to keep it,' said Norman. 'They're gonna see the briefs and they're gonna see all this picking it apart, lawyering it to death…Our fate is the hands of the judges.' News 4 reached out to the attorneys representing challengers of the petition for comment on the appeal, but did not hear back. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-02-2025
- Business
- Yahoo
Cheyenne mayor dismayed as bill incentivizing affordable housing dies in House committee
CHEYENNE — Cheyenne Mayor Patrick Collins shook his head in disappointment after a committee-sponsored bill that incentivized affordable housing development in Wyoming died Friday afternoon in the House Corporations, Elections and Political Subdivisions Committee for lack of a hearing. Last year, Collins rallied lawmakers to draft legislation that would expand affordable housing development qualifications for tax increment financing (TIF). Cheyenne has long taken advantage of TIFs to fund development projects within its community, such as the site of the former Hitching Post Inn on West Lincolnway. TIFs work a bit like a loan program. Developers who want to build property on blighted areas can request help from the city to pay for its infrastructure development. Blight is a legal term that refers to areas with deteriorated structures or faulty layout and poses a risk to public health and safety. The city pays off that investment with the increased property taxes from the new development. Once that is paid off, the city sees all further property taxes from the development as profit. The Wyoming Urban Renewal Code provides definitions for 'blighted area,' 'urban renewal area' and 'urban renewal project.' House Bill 68, 'Tax increment financing,' sponsored by the Joint Corporations, Elections and Political Subdivisions Committee, would have created a new definition for 'affordable housing.' Affordable housing projects currently only qualify for TIFs if they're built on blighted areas, Collins told the Wyoming Tribune Eagle. 'In a lot of places where you're gonna build housing, there isn't blight,' Collins said. HB 68 would have allowed affordable housing projects to apply for TIFs under the Wyoming Urban Renewal Code, without the blight requirement. This bill was an important tool to incentivize more affordable housing projects, Collins said, which is needed to grow Wyoming's workforce. 'We studied this one all summer long in the interim committee,' Collins said. '(We) worked really hard to bring a bill that would give another tool to governments to provide more workforce affordable housing.' Friday was the last day for the Wyoming Legislature to push bills out of legislative committees in their house of origin. Any bills not advanced by the committee died on the spot. Four bills were scheduled to be heard by House committee members at noon; however, lawmakers were only able to advance the first two bills before time ran out. 'I offer my apologies for not making it through to complete the four,' said committee Chairman Rep. Chris Knapp, R-Gillette. 'Many, many bills die from not getting into committee or dying on the floor … with the time frame.' Collins said he understood there was a high volume of bills filed for consideration this legislative session. He told the WTE he planned to push for this bill again next year, but worried about the bill's likelihood to get past introduction. Since next year is a budget session, all non-budget bills will have to pass a two-thirds majority vote in order to be considered.
