STAMFORD — The amount of money the Mill River Park Collaborative will receive from tax hike funding is expected to skyrocket in the next fiscal year as it repays money it owes the city.
The nonprofit plans to use a portion of this TIF revenue, which comes from taxes on land around Mill River Park, to pay back a bank on a bridging loan that helped fund construction new Whittingham Discovery Center. The loan will take a few years to repay, the co-op’s chief executive told the finance committee this month, but then the group will be ready to stop receiving a funding source that has become the subject of heated debate during fiscal season: an annual grant from the operating budget of the city.
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