The McMinnville Board of Mayor and Alderman Tuesday night to attain Reno and Cavanaugh for legal services related to the TIF, or tax increment funding, and sale of the building. In late November, the city entered into negitations with Investment Partners LLC in purchasing the blue building property. The company plans to put condos in the building but are seeking a tax increment funding for 20 years. TIF’s subsidizes companies by refunding or diverting a portion of their taxes to help finance development in an area or (less frequently) on a project site. Usually, TIF helps to pay for infrastructure improvements like streets, sewers, parking lots,etc. in areas near a new development. The Blue Building has an appraisal value of 622,400 dollars and has been vacant since late 2009.
In other city board news, two additional members were appointed to the tourism committee. They are Christy Ross and Brooks Young.
The city passed a resolution to dedicate a right of way to the State of Tennessee consisting of 1 or more or less acres for the Magness Drive project. The plan is to fill in the gap between 70S and near the Pacesetters building. The road project is expected to be completed sometime nest year.
The committee meetings were postponed til Friday Jan. 14 due to a lack of a quorum. The first meeting begins at 2pm.