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Council hears introduction to amendments for TID 7 and creation of TID 21, including proposed use of surplus increment
Summary
City staff introduced proposed amendments to Tax Incremental District 7 (Summit Place) to use surplus increment to retire debt and fund acquisitions and economic development, and introduced a proposed TID 21 to support a large housing redevelopment along 90 Second Street.
City planning staff presented an introductory communication to the Common Council on proposed amendments to Tax Incremental District (TID) number 7 (Summit Place Business Park) and the proposed creation of TID number 21 (90 Second Street / Greenfield area).
Planning staff member Patrick summarized the TID 7 history and the proposal to use surplus increment under state law (citing the statute in the meeting) to retire outstanding debt and support other project areas. He told the council the district, established in 2004, covers roughly 650,000 square feet of former industrial/office space at Summit Place and currently has about $6,000,000 in surplus increment available. Staff recommended using part of…
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