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Committee discusses TIF-style revenue diversion for East Side and tables final decision
Summary
Committee members debated creating a tax increment financing–style revenue diversion (a ‘rev grant’) for East Side capital projects, discussed timeframes and protections, and asked staff for financial projections for an 80%/30-year scenario.
The City Council CBA committee on May 12 discussed a TIF-style revenue diversion for the East Side—described in the meeting as a “revenue diversion” or “rev grant” rather than a formal Community Redevelopment Area (CRA)—but tabled a final decision pending staff projections and draft ordinance language.
Committee members discussed whether to adopt a long-term revenue capture (30 years at roughly 80% of incremental taxes was one proposal mentioned) to pay for capital improvements inside the East Side boundary, and how to structure…
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