Title
Presentation - Second Amendment to I-470 Business and Technology Tax Increment Financing Plan and First Amendment to the Tax Increment Financing Contract
Body
Issue/Request:
Presentation - Second Amendment to I-470 Business and Technology Tax Increment Financing Plan and First Amendment to the Tax Increment Financing Contract
Key Issues:
Rich Wood, Gilmore & Bell, City's Economic Development Counsel will present an overview of the proposed 2nd Amendment to the I-470 Business and Technology Tax Increment Financing Plan and explain the request to amend the plan.
In addition, Mr. Bill Moore, Attorney with the White Goss Law Firm and Mr. Jay Burchfield, developer of the I-470 Business and Technology Center, will be presenting the proposed 2nd Amendment to the I-470 Business and Technology Tax Increment Financing Plan and First Amendment to the Tax Increment Financing Contract.
After the presentation, an ordinance approving the Second Amendment to I-470 Business and Technology Tax Increment Financing Plan and First Amendment to the Tax Increment Financing Contract has been placed on the agenda for Council consideration.
Background:
On July 27, 2006, the City Council approved the I-470 Business and Technology Tax Increment Financing Plan (the “Redevelopment Plan”) through the adoption of Ordinance No. 6229. The City also entered into a Tax Increment Financing Contract with Wilgate Development, L.L.C., dated March 8, 2007 (the “TIF Contract”). The obligations of Wilgate Development, L.L.C. under the Redevelopment Plan and TIF Contract were assigned to LBC Development Corp. (the “Developer”) pursuant to an Assignment Agreement approved by the City Council by Ordinance 6452, adopted July 19, 2007, which was executed on August 13, 2007. On December 3, 2015, the City Council approved a First Amendment to the Redevelopment Plan through the adoption of Ordinance No. 7757 in order to remove approximately 30 acres from the Redevelopment Area.
LBC Development Cor...
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