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CDA staff present 2024 TIF portfolio report: reassessment, state ratio changes drive valuation swings
Summary
Staff summarized the authority’s annual Tax Increment Financing report for year 2024, noting a $44 million assessed-value gain (driven by reassessment), state ratio adjustments that caused year-to-year swings, and several active projects including Allis Yards and manufacturing investments.
CDA staff presented the annual report on active and closed tax incremental financing districts for the fiscal year 2024 and discussed portfolio trends at the Sept. 30 meeting.
Sean, a staff member who prepared the packet, told the authority the city’s 2024 reassessment increased assessed values by about $44 million across TIFs. He said state equalization ratios applied year-to-year produced large apparent swings in equalized values: for example, TID 7’s equalized value fell from about $109 million in 2023 to roughly $68 million in 2024 after the state changed its ratio; subsequent ratio adjustments and new construction partially restore the values for 2025.
Sean and Patrick highlighted other portfolio items: closed TIFs returned about $12 million in tax revenue from roughly $136 million in value added by redevelopment; TID 16 (Allis Yards) is under construction with about 248 market-rate units and a $75 million construction budget, expected to open in 2026; TID 18 contains a large manufacturing investment (noted as roughly $165 million in construction value) that produces less tax increment than headline construction numbers imply because of state assessment methods for manufacturing property; and TID 19’s National 3-Leaf development is substantially complete and adding residents.
Sean noted small “missing middle” housing projects and remediation successes where former industrial sites were cleaned and redeveloped. He also pointed out in the packet that many of the city’s top taxpayers are properties created through TIF projects.
Board members asked follow-up questions about projected jobs tied to specific TIFs and about how close large projects are to their completion timelines; staff provided construction and schedule updates and said they will continue tracking and reporting these numbers.
Why it matters: the report clarifies how reassessments and state equalization ratios affect TIF equalized values and shows ongoing construction that will affect future increment and city tax bases.
No formal action was taken on the annual report during the session recorded in the transcript.
