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Council reviews proposed TIRZ No. 2 FY2026 budget and downtown capital projects
Summary
City staff presented the proposed FY2026 budget for Tax Increment Reinvestment Zone No. 2, outlining participation rates, developer payments, a $3.5 million loan for plaza and streets projects, and construction plans with bids already received.
City staff presented the proposed fiscal year 2026 budget for Tax Increment Reinvestment Zone No. 2 and reviewed related capital projects for downtown, telling council members the budget includes construction bids already received and proposed management arrangements but requires council action to proceed. "So you have your budget in front of you," presenter Haas said, explaining revenue timing, participation rates and project uses.
Haas said TIRZ revenues are received two years after tax year certification and walked the council through participation by taxing jurisdictions: in the original downtown boundary all jurisdictions participate at 100 percent; in the expanded area the city…
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