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Washington Terrace RDA unanimously authorizes $1.2 million TIF reimbursement to Southeast for Golden West incentives
Summary
The Washington Terrace Redevelopment Agency on Sept. 2 rescinded a June motion and approved using tax-increment funds from the Southpointe Reinvestment Project Area to reimburse $1.2 million in incentives previously paid to Golden West Credit Union, with staff directed to capture the incremented funds as they arrive.
The Washington Terrace Redevelopment Agency voted unanimously Sept. 2 to rescind a June 3 motion and authorize the use of tax-increment financing from the Southpointe Reinvestment Project Area to reimburse the Southeast Project Area for $1,200,000 in incentives paid to Golden West Credit Union.
The action directs staff and finance to capture future tax increment receipts from the Southpointe area and allocate them over time to reimburse the Southeast Project Area for the incentives, rather than applying the earlier, smaller allocation approved in June. Tom, a staff member presenting the item, told the board the first tax…
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