Proposed contract changes get mixed reaction in Homer
By Siv Schwink
Wednesday August 13, 2008
HOMER – Mayor David Lucas' recommendation that village trustees restructure the tax increment funding contract with developers of the proposed Heritage Ranch subdivision has received a mixed reaction from trustees.
The proposed changes to the contract would increase the total possible reimbursement to $687,000. The original redevelopment contract, approved last February, was for a maximum of $600,000. Lucas' proposal would also change the reimbursement schedule to a sliding scale, giving Gordon Highlander-LLC a greater proportion of TIF dollars earned on the development in the first years of property sales.
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