Centre Venture is spending $25 million of taxpayers’ money on downtown revitalization efforts in the 11-block Sports, Hospitality and Entertainment District.
The money will be recouped from the city property taxes paid by new developments in the area.
Centre Venture officials describe the arrangement as essentially a loan.
“Ultimately what it does is it directs the incremental increase in property taxes generated by new development and re-invests those dollars directly back … to the public realm within the distict — streetscaping improvements, new lighting,” said Tom Janzen, development manager for Centre Venture, an arm’s-length city agency devoted to downtown revitalization.
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