Huff said the project took a good deal of thought and work for The Exclusive Co., which has owned the V&S Variety store property for about 12 years.
You have to give them credit for upholding their part of the TIF bargain:
The district includes the former V&S Variety store and the former First National Bank building at 404 N. Main St. As part of the TIF plan, the city bought the V&S Variety store, which was then sold to The Exclusive Co. for $100,000 with the understanding that it would be renovated to bring its taxable property value to $300,000.
Although the renovations didn't begin until the summer of 2004, the company did make TIF payments based on the $300,000 valuation. In a TIF district, the city's costs for preparing property for redevelopment are repaid through the added tax value created by the improved property.
Congrats on the new location, even if you ended a joke that has been running since I was in college!
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