The Inverness City Council on Tuesday will consider a resolution extending the life of the Inverness Community Redevelopment Agency (ICRA) from its current termination date of Sept. 30, 2039, to Aug. 19, 2055.
The council will take up the resolution at its 5:30 p.m. meeting at the Inverness Government Center, 212 N. Main St. The measure would also amend the city’s redevelopment plan to give projects funded through tax increment revenues the same 2055 deadline.
First established in 1990 and expanded in 2015, the ICRA uses tax increment financing to fund projects aimed at eliminating blight, encouraging redevelopment, and improving public spaces in the city’s designated redevelopment area.