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Redevelopment Commission reviews TIF finances, trustee-held $2 million for 6 Main project and remediation timeline for Reed Hospital site
Summary
At its July 15 meeting the Richmond Redevelopment Commission received its annual TIF presentation from Baker Tilly, reviewed fund balances and bond obligations, learned the county-contributed $2 million for the 6 Main project is held by a trustee, and was told remediation of the former Reed Hospital is expected by yearend.
The Redevelopment Commission on July 15 received a detailed review of tax-increment financing (TIF) revenues, outstanding bond obligations and individual fund balances from consultant Baker Tilly and city staff. The commission heard that a $2 million contribution from Wayne County toward the capital stack for the 6 Main project was transferred to the bond trustee and will be drawn down last as vouchers are submitted.
The presentation matters because the commission uses TIF increment to pay debt service and to fund pay-as-you-go projects; recent state legislation (referred to in the meeting as SEA 1 / Senate Bill 1) will reduce some TIF revenues for certain property types, a change the consultant said will create a projected dip in collections beginning in 2026. The consultant told the commission the projected decline is…
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