Equipment sits idle around the developing area on Aetna Mountain Road on Wednesday. New development in the area around Aetna Mountain Road is causing a stir.Despite public opposition from residents and three City Council members, the city's Industrial Development Board voted today to re-approve the controversial taxpayer financing agreement that would subsidize a road up Aetna Mountain from the Black Creek golf course community.
A judge recently struck down a deal that would have allowed more than $9 million in taxes to flow toward a group of developers led by New York-based York Capital.
In a public hearing Monday, attorneys revealed that former city attorney Mike McMahan acted alone to approve the $9 million tax increment financing agreement for a road and sewer line that would open access to a proposed $500 million commercial and residential development atop the mountain.
But the Industrial Development Board voted 4-1 this morning to ratify the actions of the previous board and approve the TIF as a project in a previous meeting.
Stay with the Times Free Press for more details as they develop.
Previous news report from when the judge struck the deal down: