The agreement was struck in anticipation that the Northern Firestone Urban Renewal Plan Area will ultimately be created.
Whenever a new Urban Renewal Area is created, taxing entities within that area must give their approval for their tax revenues to be used as a part of tax-increment financing.
This agreement also relates to a property located both within the Town of Firestone and the school district, requiring the developer of new homes on the property to pay a fee to assist the district in the development of public school sites.
“Firestone has worked hard to establish positive working relationships with local jurisdictions,´ said Firestone mayor Chad Auer. “None of these relationships are more important than with school districts.”