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Silver Lake City Council looks at demolition financing options

The Silver Lake City Council heard a couple of possible options for financing the demolition of four substandard buildings on Main Street at its meeting on Monday.
Rebecca Kurtz of Ehlers and Associates, a financial consulting firm, informed the council that there are limited options.
The first and probably best option would be to create a tax increment financing (TIF) district, which would allow the city to capture the increased tax increment to repay any cost of redevelopment for up to 26 years.
Since there is currently no development proposed for the site, the city can take steps to reserve the right to create the district at a later time.
The city would have three years to create the district after a resolution is adopted deeming the properties substandard.
A second option would be tax abatement, in which the city would ask the county and school district to forego their portion of the taxes, but it is unlikely this would happen.
A third option could be done along with one of the first two options. The city could, if funds were available, provide an inter-fund loan to be reimbursed at a later date.
For more from the meeting, including the hiring of a new municipal liquor store manager, see the Aug. 23 print edition of The Chronicle.