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Speedway redevelopment commission approves Sixteenth and Lyndhurst TIF allocation area
Summary
The Speedway Redevelopment Commission on Feb. 18 approved a resolution establishing the Sixteenth and Lyndhurst tax increment financing (TIF) allocation area, a 4-0 vote that the commission says would capture future incremental tax revenue to fund about $25 million in capital projects over 20+ years with minimal impact on existing taxpayers.
The Speedway Redevelopment Commission voted 4-0 on Feb. 18 to adopt a resolution establishing the Sixteenth and Lyndhurst tax increment financing (TIF) allocation area.
The resolution creates a new TIF allocation area that the commission expects could support roughly $25 million in capital improvements — streets, sidewalks, curb and gutter work and property acquisition money — over the next 20-plus years while having a “very nominal” effect on current taxpayers, according to the commission’s tax impact memo.
Town Manager Grant Kleinhens, speaking on behalf of the redevelopment commission, said the allocation area covers Leonard Park, the former town hall parcel, the fire station, the street department and commercial parcels along Sixteenth…
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