TIF Funding Approved With Conditions

It looks like the the city will be funding the controversial Centrepointe Project with tax dollars after all.

Thursday night, Lexington's Urban County Council voted to move forward with a Tax Increment Financing Project or TIF related to the $250 million complex on West Main Street.

The council agreed to the project after the developers agreed to pay $50,000 for analysis required to get TIF funding from the state.

Tax Increment Financing allows state and local governments to fund public improvement projects and pay them back with the increased tax revenues that the development generates.

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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Tom Location: Lexington on Sep 19, 2008 at 08:27 AM
    Thats are are great useless Mayor Jim Newbury for us. Looking to get more tax dollars out of us. Good thing the mayor only has 2 years left....
  • by Anonymous on Sep 19, 2008 at 08:17 AM
    I hope communist china treats us OK when they get here.
  • by Matt Location: Lexington on Sep 19, 2008 at 07:02 AM
    Of course we will have to pay for it. This building is going to sit empty. A trillion dollars in bailouts on wall street, new distillery zone on Manchester st, Where is all of this money coming from!? This is going to be a disaster.
  • by Anonymous on Sep 19, 2008 at 06:07 AM
    I don't know if I can pay for this--I have to pay for Wall Street and GM.


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