Downtown Development Authority Approved

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(Photo by Ron Richter)
(Photo by Ron Richter)

The Sheridan City Council Monday night approved the establishment of a Downtown Development Authority on first reading. Downtown Sheridan Association Board Member John Smith on the benefits of a D-D-A.

The funding mechanism that will most likely be utilized by the development authority is tax increment financing, or TIF, which is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community improvement projects. The council will have to approve the ordinance two more times before it takes effect.

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