May 20, 2025
Finance Highlights May 19, 2025 44.04.25: Samford's development team provided an explanation of the proposed Community Investment Program (CIP) tied to the Creekside "West" project. Unlike traditional tax incentives that support single projects, this CIP is meant to fund major infrastructure needed for a large mixed-use development. They stressed that the private sector—not the city—would take on the financial risk, including $140 million in upfront infrastructure costs. In return, they’re seeking a capped rebate over 20 years totaling up to $26 million from lodging, sales, and property taxes (excluding school taxes). They emphasized community benefits like boosting school funding, walkability, environmental stewardship, and long-term quality of life. The agreement must still be finalized, and the item was carried over for further review in committee. 07.05.25: The committee heard requests from three businesses seeking forgiveness for late penalties on their business license renewals. The first business owner explained she missed several years of payments due to serious post-COVID health issues and staff issues. They agreed to pay all fees and interest, and the committee voted to waive penalties and interest if all payments are made within 30 days. The second business asked for forgiveness on a one-time penalty due to a change in ownership and a software transition. Since they had already paid the license fee, the committee voted to waive their penalty and interest. The third company had a large penalty and was noted to be a repeat offender. They did not waive this penalty. Agenda: https://bit.ly/43hNLo5 Upcoming meeting schedules: https://bit.ly/3bvufcT Archived meetings: http://bit.ly/2UiSIaA Watch the full video above to learn more about all the items presented.