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County hears TIF revenue update, discusses borrowing and urban renewal plan amendments ahead of building projects
Summary
A Northland Securities representative updated the Worth County Board of Supervisors on TIF revenues from wind farms, outstanding borrowing of about $5.7 million, and options for adding projects to the county’s urban renewal plan.
A Northland Securities representative briefed the Worth County Board of Supervisors on tax‑increment financing (TIF) revenue and outstanding debt tied to previous borrowing for county building projects. The presenter said the county has approximately $5.7 million in outstanding debt related to prior borrowing and that TIF revenues from two operational wind farms — and a third coming online — are increasing incoming receipts.
The presentation included fiscal estimates: TIF tax receipts were estimated at roughly $2.7 million for fiscal 2025 and projected to rise to about $2.9 million in fiscal 2026 as additional incremental revenue from the third wind farm phases in. Staff reported annual debt service on the outstanding borrowing is about $860,000 per year and that roughly $2.5 million of the $5.7 million outstanding remains unspent.
The board discussed options for using remaining TIF capacity and whether to amend the urban renewal plan to add new projects (for example, airport block work, roads, campgrounds or building projects). The county has previously authorized up to $6 million in borrowing for building projects; staff said portions have already been drawn (an earlier draw and a planned $700,000 draw this year were discussed) and that additional borrowing will be timed to align with final bids for building projects.
Staff advised that projects must be included in the urban renewal plan to be financed with TIF proceeds and that work to prepare an amendment and a project list should proceed so borrowing can be certified by December 1 if the board chooses to move forward.
Next steps
County staff and financial advisers will prepare a prioritized project list and consider an urban renewal plan amendment; final borrowing decisions will follow bids for building projects and board direction.
