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Redevelopment commission: TIF areas, Anson project funds and bond payments reviewed
Summary
Staff summarized the annual redevelopment commission report and said a reallocation within the Anson TIF areas will allow previously constrained bonds in the northern industrial area to begin receiving payments; several TIF districts are scheduled to expire within 10 years.
A county redevelopment staff member presented the annual update required by state law on tax-increment financing (TIF) activity, bond payments and allocation-area expirations.
The update matters because several temporary allocation areas in Boone County will expire within the next decade and because staff described an internal reallocation that will allow previously paused debt service payments in the Anson redevelopment area to resume. The presenter said the 90 Sixth Street allocation area has about $1 million in available balance; the Anson area was reorganized so surplus revenues from the southern retail portion (Area 1) can be used to meet debt service in the northern industrial portion (Area 2).
Staff said Area 1 generated excess revenues that were applied to outstanding obligations and that, under current projections shared with the council and developers, payments on 2013 and 2015 bond series for the Anson northern area should resume and the bonds are expected to be paid off well before 2035 under the present scenario. The presenter also noted timing issues in the Medco TIF area related to late taxpayer payments that caused apparent timing mismatches between receipts and expenditures in the records; staff said those are administrative timing issues and are being addressed.
The report included a summary schedule of allocation areas and their expiration dates; staff highlighted that most listed allocation areas will expire within the next 10 years, and the newly created State Road 47 allocation area will extend beyond that horizon. No new TIF actions or bond issuances were approved at the meeting; the presentation was informational.
Ending: Staff said it will update the TIF schedules and return with any changes to payment timing or projected payoff dates in future reporting to the council.
