Joint Review Board approves 2024 annual report for TID 6 covering industrial park tied to Titan Industries expansion

The Joint Review Board approved the 2024 annual report for Tax Incremental District 6, which covers the industrial park that includes the Titan Industries expansion. The board voted to accept the report after staff presented repairs completed in the district and near-term development opportunities. "This is required by the state that we meet on an annual basis and go through these," Judy Radke said while opening the review. The district’s work in 2024 included repairs to a stormwater ditch that crossed under Industrial Loop Road and carried runoff between properties in the southeast portion of the district; those repairs have been completed, Chad Hertz said. City staff said they are monitoring manufacturing assessment data that typically lags by a year and expect the district’s increment to rise next year. There are at least three vacant parcels on the west side of the district that remain available for development. Staff contacted the owner of one parcel by letter and said Benchmark Realty owns and has expressed interest in selling or developing a green-colored parcel; the city also owns a yellow parcel that currently holds a city sign. Financial figures in the 2024 report show small capital expenditures and internal fees: staff reported capital expenditures of $3,500 and total district expenditures of $5,516 for 2024, leaving the district with an unassigned negative fund balance of $58,784 at year end. The staff report said the district’s current increment stood at $2,487 and is expected to increase as manufacturing assessments update. Board member Lisa Abercamp moved to approve the TID 6 annual report; Amy Van Stratton seconded. The board voted in favor and the motion carried.