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The council unanimously approved a tax increment financing district for the Riverchase II residential development on city-owned land south of the viaduct, providing up to $725,000 in assistance over nine years or until that amount is reached.
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The financing is intended to support residential development downtown and attract additional private investment. The city will work with the developer under a private development contract, and eligible project costs may be advanced through an interfund loan and repaid from future tax increments. The council also approved plans for 2026 sewer lining work, advanced bidding for Phase 2 of Viaduct Park, and set an April 28 public hearing on the park project's proposed tax abatement.
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