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City finance director reports RPA 1 sales-tax increment roughly $742K in 2023, $997K in 2024; additional TIF payments noted
Summary
Finance Director Keith Cole briefed council on RPA 1 (Olive redevelopment) tax revenues: $742,005.72 in 2023 and $997,009.23 in 2024 from three city sales taxes; city attorney said the redevelopment agreement provided additional payments totaling $3,460,000 in a combination of a one-time $3 million payment and annual amounts.
The University City finance director presented an update on tax-increment financing (TIF) revenue for Redevelopment Project Area 1 (RPA 1) at the Jan. 27 council meeting, showing higher sales-tax increment collections since the Costco-led development opened.
Keith Cole told the council the three city sales taxes tied to the area generated about $742,005.72 in calendar year 2023 and about $997,009.23 in 2024. Cole explained those figures are the increment above the February 2018 tax base for the area and said the…
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