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Joint Review Board approves transfers from TID 12 to support Shipyard and JBS redevelopment projects
Summary
The board approved transferring $3.7 million from TID 12 to TID 22 (Shipyard area) and $2.0 million from TID 12 to TID 28 (JBS project) to support property acquisition, remediation, infrastructure and public amenities; approvals will proceed through the redevelopment authority and common council.
The Tax Increment District Joint Review Board on March 11 approved an allocation amendment that moves funds from TID 12 toward redevelopment work in two other Tax Increment Districts: $3.7 million to TID 22 (the Shipyard TID) and $2.0 million to TID 28 (the JBS TID).
A city staff member described TID 12 as the I-43 Business Park district, which is scheduled for termination in September and has been carrying substantial upfront infrastructure costs. The staff member said the requested transfers are intended to cover property acquisition, development incentives, infrastructure and public amenities within a half-mile of the receiving TIDs.
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