The City of Milton Common Council approved April 3 a TIF (tax incremental financing) development agreement for TLC Restorations, clearing the way for construction of a 7,200-square-foot building at 625 Greenman St. Construction is expected to begin this spring.
City Administrator Al Hulick, outlining terms of the agreement in a memo, wrote that TLC Restorations, doing business as 401K Properties, LLC, would receive funds, in the form of a loan, from the city in the amount of $60,000 to help with the costs of construction. In return, the company would improve the property such that a minimum annual tax payment of $6,550.83 was guaranteed. Each year the minimum tax payment is met, the city will forgive one-tenth of the loan until the obligation of the loan is fulfilled, Hulick wrote.
Required site plan approval and a conditional use permit needed to build the project were both obtained in August of last year.
The property is located in TIF District No. 10, Hulick added.