Committee reviews TIF master-plan framework, staff estimates roughly $61 million in project costs over 25 years

The Business and Community Affairs Committee on Jan. 2 continued a multi-meeting discussion on creating a tax increment finance (TIF) master plan, reviewing draft project-area maps and conservative revenue projections aimed primarily at the Griffin state-owned property and adjacent commercial corridors.

The draft plan focuses on several increment districts, with staff presenting a large Griffin project area that would include Griffin Park, the Griffin Memorial Hospital property, parts of the Flood Avenue corridor and the Porter corridor. Catherine Walker, the city’s former attorney, said the preliminary, conservative estimate for total project costs across the proposed project area was “around $61,000,000” over a 25-year horizon.

Why it matters: A TIF plan would let the city dedicate future growth in property and certain non-dedicated sales-tax revenue within defined boundaries to pay for public improvements, development assistance and property acquisition. Committee members discussed using TIF proceeds for infrastructure, façade…