The Riverside City Council approved an amendment to add a property to its urban renewal area plan.

The council held a public hearing for the proposed amendment at their most recent meeting and approved the amendment for the development of AFCS Truck Wash owned by Michael Vaughn. Mayor Allen Schneider explains the resolution, “Basically that amendment was to allow for a potential new business by the 218 off ramp. We’re looking at a truck wash going in there and by expanding the urban renewal area that would allow us to designate TIF in that area.”

TIF stands for tax increment financing which is a public financing method that is as used a subsidy for redevelopment, infrastructure, and other community-improvement projects.

Vaughn requested the city provide tax increment financing assistance in order to complete, operate and maintain the business. It is not expected that the city will install public infrastructure improvements in connection with the project, and the costs incurred by the city in providing TIF assistance including legal and administrative fees are proposed at $228,500. The council approved the ordinance providing for the division of taxes levied on the truck wash property. A public hearing is scheduled for their next meeting about the development agreement and annual appropriations of tax increment payments to Vaughn on Monday.