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EDIC receives status update on pilot property-tax exemptions and TIF districts; many exemptions have matured
Summary
Staff summarized the status of the city's pilot exemption program and tax-increment-financing districts, reporting that multiple pilot exemptions have expired and that TIF base values have grown substantially since the districts' creation.
EDIC staff presented an update on the status of the city's pilot property-tax exemption program and tax-increment-financing (TIF) districts, reporting that several exemptions have already expired and that TIF districts have generated substantial increases in assessed value since their base years.
Jim Gilmore (EDIC staff) said the city is still completing job-creation reporting for older exemptions and that staff will follow up with more complete employment figures at a future meeting. He presented program-level figures, telling the committee the pilot program has supported apartment construction near the university and in core neighborhoods and that, historically, a number of pilot exemptions…
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