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Preliminary TIF capture values rise; staff to provide full financial report next meeting
Summary
Staff gave preliminary tax-increment figures showing incremental capture growth since 2022 and said a full formatted financial report will be provided at the next meeting.
Staff presented a brief tax-increment fund (TIF) financial update to the board, providing preliminary capture values and asking the board to expect a fuller financial package at the next meeting.
The figures matter because captured increment funds are the revenue source used to reimburse public-works and infrastructure expenditures the developer has undertaken on the Coast project.
Mary (staff) told the board the preliminary figures supplied by the tax office reflect the captured increment within the TIF boundary. She reported the TIF’s early-year capture as roughly $1,633 for 2022, about $24,006.45 for 2023 and an additional preliminary capture figure of about $37,996 this most recent year; combining preliminary figures, staff cited a standing capture of about $64,271. Mary cautioned these numbers are preliminary and subject to change as tax rules and certified capture values are finalized.
Mary said staff intends to prepare a full-format financial report for the next board meeting that will present numbers in a consistent binder format for board members. The board chair and members asked that future updates be emailed to members as they are updated and that staff provide both paper and digital copies or a shared online folder so members can view live updates.
Staff closed by saying formal reimbursement submittals still require the developer’s engineer to certify completed work and that those certified submittals will be brought forward when ready.
