Update: State Okays Tax Increment Financing For CentrePointe Project

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The state has approved tax increment financing, or TIF, for the latest version of the private downtown CentrePointe project.

Overall, the $394 million deal includes plans to build a hotel, office space, apartments, and stores.

It’s currently a vacant lot near the Main Branch of the Public Library.

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As part of the TIF plan developers would build a 700-space parking garage.

The state would then reimburse developers for it, since it would be used by the public.