Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council hears amendment to TIF District 7 (Summit Place); staff recommends using surplus to close two districts and seed redevelopment funds
Summary
City staff introduced an amendment to Tax Incremental Financing (TIF) District 7 (Summit Place) and a related project plan for TIF District 21 for council discussion, proposing use of surplus increment to resolve debt in other TIFs and to seed redevelopment and affordable housing funds.
City staff introduced an amendment to Tax Incremental Financing District 7 (Summit Place) and a related project area for TIF District 21 (South 90 Second West Greenfield) for council discussion. Staff described proposed budget changes that would use surplus increment in TIF 7 to address debt service in other districts and to create redevelopment and housing funds.
Patrick, a staff presenter, said TIF 7 currently has surplus increment and staff recommended donating some of that surplus to TIF 6 and TIF 13 to close out those districts. "We have around $6,000,000 surplus in that TIF currently," Patrick said, and staff recommended using the surplus to pay debt service for TIF 6, which…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
