Redevelopment commission: 2024 TIF receipts hit $16.99 million; staff flags boundary housekeeping

At its Jan. 14 meeting, the Greenwood Redevelopment Commission received an initial summary of 2024 tax-increment financing (TIF) revenue: staff reported preliminary receipts of $16,985,763, a 9% increase from the prior year and roughly 70% growth since 2019.

Adam, finance staff, presented the preliminary figures and cautioned they have not been fully reconciled or audited. "The redevelopment commission received $16,985,763 that is an increase of the prior year of 9%. It's the largest year on record, and is up approximately 70% since 2019," Adam said. He told commissioners he had distributed a packet showing distribution by allocation area and a comparison with 2025 estimates.

Adam said allocation-area results have shifted: East Side, Worsville Road, Central and Southwest now rank ahead of Fry Road in receipts. He also said newer allocation areas — including Emerson Point TIF, Hauser and Arlington Farms — are beginning to show positive growth.

The commission discussed next steps for TIF management reporting. Staff said a first draft of the April 15 gateway report is weeks away and asked for a commission member to help speed review; Commissioner Harris volunteered to assist and staff indicated they would coordinate with the president and secretary.

Staff also flagged likely boundary amendments as a future agenda item. Adam said several existing allocation-area boundaries were drawn anticipating commercial uses but now contain exempt users (for example churches or nonprofit users) or residential-for-sale parcels that cannot be captured in TIF revenue; staff estimated 10–20 parcels would be affected by housekeeping removals. He said changes would be drafted with counsel and returned to the commission for approval.

The items reported were informational; no formal ordinance or resolution was adopted at the meeting on these TIF boundary matters.