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The Economic Development Authority unanimously approved a taxable tax increment revenue note with an authorized principal amount not to exceed $750,000; the agenda and resolution title listed $725,000, while the motion used $750,000.
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The note uses future tax-increment revenue to support economic development financing. The authority also unanimously approved transferring existing agreements for 227 and 229 Central Avenue to the properties' new owner under the existing terms. Staff proposed a 3% interest rate for future loan programs, but final applications and program details were expected at a later meeting.
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