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Council briefed on proposed extension of River District TIF/LIFT, 3-year capital priorities include road and trail extensions
Summary
City staff reviewed the tax-increment financing (TIF) and Local Infrastructure Financing Tool (LIFT) program, proposed a five-year TIF extension to sustain the state dollar-for-dollar match and listed $16.2 million of potential public improvements over three years, subject to partner approvals.
City economic-development staffer Kyle presented a three-year update and sought council direction on extending the city’s tax-increment financing area and continuing the state LIFT match.
Kyle explained the mechanism: the city uses a base year for property taxes; growth above that base generates an increment that funds public improvements in the River District. “It’s a dollar for dollar match,” Kyle said of the LIFT program; he added that the state match effectively doubles local contributions up to the statutory cap.
Staff reported the TIF/LIFT…
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