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City manager outlines TIF footprint, development updates, and grants including $15,000 tree-planting award
Summary
City Manager Greg briefed the council on multiple city projects: tax incremental district (TID) statistics, development progress at Sandy Bay Phase 3, lead lateral replacement delays, a $15,000 forestry grant for Washington Park with a youth apprenticeship, tourism publications, and staffing updates.
City Manager Greg delivered a wide-ranging report to the 2 Rivers City Council on Jan. 20 that summarized tax-incremental financing (TIF) activity, development projects and recent grant awards.
Greg said the city has 12 active TIF districts covering about 486 acres, roughly 12.5% of the city's land area (the city is about 6 square miles of land). He told the council the increment captured by the city's TIFs totals about $24,422,000, or around 4.6% of the city's equalized value as of 2024. He noted state law prohibits creating or amending TIFs if captured increment exceeds 12% of equalized value.
Greg reviewed several TIF-specific projects and histories, including industrial TIFs created for Eggers VT and the Woodland Industrial Park, the…
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