The Buncombe County Commissioners gave their final approval for Project Development Financing Bonds for the Woodfin Town Center Redevelopment project. Project Development Financing Bonds are also known as Tax Increment Financing (TIFs), Amendment One, Self-Financing Bonds, and, disparagingly, Randy Parton Theater.
County staff assured the commissioners that this, the state’s second attempt to make TIFs work, would not be another fiasco. It would replace a former landfill with a 230-acre green and mixed-use project. Borrowing from future revenues, the developers hope to create “551 single- and multi-family units,†171,800 sq. ft. of business space, and 210,000 sq. ft. of public parking.
