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.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.