Lake City Aurora Condominiums TIF Public Hearing

The planned Aurora Luxury Lakeside Condominiums in Lake City is asking for help from the City in the form of TIF, tax Increment Financing (TIF).

The new four-story 26-unit lakeside property is located at the intersection of South Lakeshore Drive and Marion Street, 303 S. Lakeshore Drive.

Doug Grout, Port Authority Director, says TIF is a value capture revenue tool that uses taxes on future gains in real estate values to pay for new infrastructure improvements.

He says the City is looking into what the Aurora Project qualifies for. Grout says the project appears to meet the threshold of getting some TIF assistance.

The public hearing on the developers TIF application will be Monday, June 9, at 6 pm. The Lake City City Council will consider approving the proposal following the public hearing.

For the complete interview, Dockside with Mayor Quinn, with Doug Grout about TIF and the Aurora Project, go to https://www.q-mediagroup.com/podcast.