Board weighs schedule to protect $0 base value as TIF talks loom
Because the parcel is tax-exempt this year, staff and consultants told the board preserving a $0 base value would maximize tax-increment revenue; members discussed holding a special meeting in late August to review the draft impact report and authorize revenue-sharing negotiations.
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Consultants and staff repeatedly emphasized the time sensitivity of preserving the parcel's current assessed base value and the downstream effect on tax-increment financing. "If this is 0, anything that's built on this area is tax increment," Andy Arnold said, summarizing how a $0 base could maximize future TIF receipts for the URA. Staff explained that base values are set in arrears and the next reassessment would be Jan. 1, 2027, so the board would need to move quickly to lock in negotiating timelines.
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