Hopkinsville City Council approved on first reading the repeal of an existing development and Tax Increment Finance agreement with Associated Ventures, LLC to make way for a new one.
City Attorney Doug Willen explained the procedure, saying the repeal of the Towne Station TIF comes as a recommendation from the Hopkinsville Tax Increment Finance Development Authority. He says the original agreement and corresponding ordinance was established in 2005, but little to no development has occurred at the location off of Lover’s Lane in that time.
He says with the removal of the old ordinance and agreement, they can establish a new one that will allow the developers more time to build there.
The City of Hopkinsville will receive the money the developer received due to the TIF, rebates and property taxes—if approved on second reading—which is approximately $5,300.
In other action, council approved on second reading to issue about $1 million in bonds to help pay for renovations to the previous Williams Chevrolet building on South Clay Street, which will eventually become home to Probation and Parole. The lease agreement with the state is expected to pay back the bonds.
Crofton Elementary School Sixth grader Talan Ezell was recognized as Mayor for a Day and four new Hopkinsville Police Officers were sworn onto the force at the meeting.