At their regular meeting this week, the Morris City Council approved a resolution on the assignment of a Tax Increment Financing note for the East Pointe Village Apartments in Morris. City Manager Blaine Hill told the KMRS Community Connection that this was largely a financial procedural move.
“The East Pointe Village Apartments are actually owned by a group of three owners, and they’re refinancing their investment that they made in the apartment building,” Hill explained. “And as part of that refinancing, what they asked to do was to basically split up into three ownership pieces instead of having one group with all three of them in the business.”
The city worked out an agreement with the owners to work with one corporate entity for financial purposes, which will then split up proceeds accordingly.