Developer, Danville agree to tax trade
By Tracy Moss
Tuesday September 23, 2008
DANVILLE – As contractors build the Social Security Administration's new downtown site, the city has made an agreement to give back to the developer half of the property taxes collected, and in return, the developer will make some extensive exterior improvements, including sidewalks and drainage work.
According to the Tax Increment Financing agreement, which the city's public services committee will consider Tuesday night, more than 50 percent of the property taxes collected over the next 10 years would be reimbursed to the developer, LGK Development in Boulder, Colo.
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