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Council gives staff go-ahead to draft micro‑TIF resolution focused on residential repairs and small projects
Summary
City development staff presented an expedited micro tax‑increment financing option to support small residential rehab and infill projects and asked the council for direction on scope, caps and timing.
City development staff presented a proposal to the council work session on March 17 for a micro tax‑increment financing (micro‑TIF) program that would use the state’s expedited TIF statute to support smaller residential rehabilitation, renovation or infill projects.
Chad Bundger, director of development services, said the staff proposal would permit qualifying residential projects that meet statutory requirements (property in the city at least 60 years, location in an area designated as blighted or substandard) and asked for council direction on program parameters. Bundger proposed capping the program at 15 properties per calendar year to limit staff workload, starting the program on June 6 pending final…
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