[CITY OF LITCHFIELD PARK PHOTO]
By Michael McDaniel | YourValley
The Litchfield Park City Council is exploring additional financing options for Litchfield Square because of inflation and cost increases.
The project is the city’s attempt at creating a downtown core, which will be on the east side of Litchfield Road, north of Wigwam Boulevard.
When Litchfield Square was approved, this segment of construction was estimated to cost $25 million. It is now estimated at $40 million because of inflation, according to Mayor Thomas Schoaf during his state of the city address.
According to the council’s April agenda, the city is exploring tax increases for retail businesses, hotels and city services to fund that inflationary increase. Another option would be to tax Litchfield Square businesses when they arrive.