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Consultant presents TIF annual report; commissioners and staff say full fund-level data is available
Summary
Baker Tilly consultant Emma Adlam presented the redevelopment commission's required April 15 TIF annual report covering 2024 activity, fund balances, outstanding bonds and the creation of two new allocation areas; consultants said detailed fund-level slides and debt schedules are uploaded to Gateway and available to commissioners and staff.
City consultant Emma Adlam of Baker Tilly presented the redevelopment commission's state-required annual report on tax increment financing (TIF) activity for 2024 at the April 14 council meeting.
Adlam summarized required report elements including redevelopment commission membership, TIF fund balances, revenues and expenditures, grant payments and a list of outstanding bonds tied to TIF allocation areas. She said the report is prescriptive under state statute and must be presented publicly by April 15.
Key points from the presentation included: - The redevelopment commission has several TIF areas and a range of outstanding bond issues tied to projects such as the industrial park, Building 11/FiberNet, State Road 32/GDI, Gateway Marketplace, Patterson Street and multiple field-house allocation-area bonds. - Two new TIF allocation areas were created during the prior year: New Cold Phase 3 allocation area and Project LEAP Phase 1 area. - Revenues reported reflect not only tax receipts but also bond proceeds and interest; one allocation (field house allocation area) showed elevated revenues and expenditures in 2024 because bonds were issued for infrastructure phase 2. - The commission made four grant payments during the year and did not distribute TIF to other taxing units in 2024, Adlam said.
Adlam pointed council members to detailed fund-level slides, debt-payment schedules and a full set of data that the consultant said had been uploaded into the state Gateway system and provided to staff (Tanya). "We've uploaded that into Gateway. Tanya has also a copy," Adlam said.
Council members had no questions and the report moved on to subsequent agenda business. Staff said the full fund balances and debt schedules are available for review on request and will remain part of the public record.
