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Speedway panel votes to retain TIF increment, will not pass through funds this year
Summary
The Speedway Redevelopment Commission on June 9 approved Resolution 2025-05, determining not to pass through any tax increment financing (TIF) excess to taxing units after a review found none of its districts exceeded the 200% threshold required for pass-through.
The Speedway Redevelopment Commission voted unanimously June 9 to keep incremental tax revenue inside its tax increment financing (TIF) districts for the 2025 filing year, approving Resolution 2025-05.
Economic Director Kyle Markley told commissioners the Department of Local Government Finance (DLGF) requires a determination by June 15 each year on whether any excess TIF increment meets a pass-through threshold. "This resolution is to state that we are going to keep the money in the TIF and not pass anything through to the taxing units for this year," Markley said after presenting the commission's review, which found none of the TIF districts exceeded the 200% threshold for pass-through.
The vote to approve Resolution 2025-05 was 5-0. Markley moved to approve the resolution, the commission chair seconded, and the commission recorded the motion as passing unanimously. The commission convened at 6:00 p.m. and adjourned at 6:02 p.m.
Why it matters: The DLGF deadline requires local redevelopment commissions to state whether they will capture incremental assessed value inside TIF districts or allow excess captured value to be distributed to overlapping taxing units. By retaining the increment this year, the commission keeps available funds under TIF control rather than distributing them to schools, libraries, or other local taxing entities.
What was discussed: Markley said the commission initiated the required review after he began his role and confirmed that the review showed none of Speedway's TIF districts met the statutory 200% threshold that would trigger pass-through. Commissioners asked no follow-up questions during the special session.
Next steps: The commission directed staff to file the determination with the DLGF by the June 15 deadline. The commission's next regular meeting is scheduled for June 16.
Meeting details: The special session was called to order at 6:00 p.m. by the commission chair and adjourned at 6:02 p.m. The vote was recorded as passing five-zero.
