Fnancial details behind Port Covington TIF...

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A total of $1.4 billion is expected to be paid out in debt service over a 41-year-period for the $535 million tax increment financing package being requested by Sagamore Development Co. for its massive Port Covington project, documents released by the city’s Finance Department Friday afternoon show. Over the same period — between 2017 and 2058, the city is expected to receive $1.7 billion in fiscal growth through the project, according to the TIF application filed by Sagamore Development officials…