On Tuesday August 27, the Council, acting in its capacity as the Redevelopment Agency Board (RDA), approved a resolution authorizing a property tax increment reimbursement of up to $28 million to NWQ, LLC over a 20-year term. Tax Reimbursement agreements are a standard part of the Council’s work as the RDA Board, read their Tax Increment Reimbursement Policy.
Per the Master Development and Reimbursement Agreement, the City would repay the developer for certain public and site improvements in an area north of the Inland Port. The actual reimbursement amount will depend on tax increment generated by the NWQ LLC project alone.
View a joint statement from the Council and Mayor Biskupski regarding the NWQ, LLC agreement.