LIBERTY — The Liberty City Council approved the retirement of 2004 tax increment financing for the Liberty Triangle development at the last meeting in January. This TIF was paid off seven years earlier than the 23 years allowed by law, said Vicki McClure, assistant finance director.
With the retirement of this portion of the financing for the project, the city will start receiving revenues of $490,000 per year in previously abated tax revenues. The Liberty school district will receive an additional $217,000 per year, and other taxing jurisdictions will be splitting an additional $210,000 per year.
McClure said the city opted to refinance the bonds for a lower interest rate. Due to additional revenue the city has generated from the project, the bonds will be paid off this month.
Mayor Lyndell Brenton said the Liberty Triangle, which is anchored by Lowe’s in the 1900 block of North Stewart Road, received needed abatements.
“It’s hard to remember what it might have looked like,” he said. “The area was blighted and in need of refreshing.”
City Administrator Curt Wenson said he is thankful for the good work of the finance department and the budget committee in making the bond retirement happen earlier than expected.