The amended Tax Increment Financing plan was brought before the board, giving the developer the flexibility to construct their project with or without the Best Buy electronics store as a part of the package. If the Best Buy is included in the project the TIF would be paid off in ten years, without the best buy the TIF would be paid off in eleven years.
The final vote on the over $35 million dollar Tax Increment Financing project was five to one with alderman Ron Schmitt the lone no vote.
“Because I don’t think we need another grocery chain here in the local area,” Schmitt said. “We are not growing that fast.”
The next step for the city is to agree on the contract which is currently being negotiated by lawyers from both sides. That discussion is concentrating on revenue performance standards.