By reforming the state's commercial property tax laws, the state legislators reduced the amount of tax increment financing available for the project. The $170-million mixed-use development would add 600 housing units to the city's riverfront.
The new agreement, which was approved by the Housing and Redevelopment Authority, would convert a $3-million loan to a grant to Centex. In return, Centex would give the city any extra revenue generated from the Upper Landing TIF district.
Despite the funding obstacles, the project has stayed on course. The first phase of housing is expected to be under way later this year, and the project is on schedule to be completed within four years.
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