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Hamilton City, district briefed on 30-year "Build Back the Block" TIF for Jefferson neighborhood
Summary
City staff described a proposed 30-year, 100% tax-increment financing plan called Build Back the Block for the Jefferson neighborhood; city and district officials expect TIF legislation in a future meeting and a groundbreaking next Thursday.
City staff briefed the Hamilton City School Board on a proposed tax-increment financing (TIF) project called Build Back the Block that would support a multimillion-dollar housing effort in the Jefferson neighborhood.
Jeremy, a city presenter, told the board the proposal is a 30-year, 100% TIF. He said the city has agreed to remove debt from the TIF calculation and that, in response, the school district has agreed in principle to receive 75% of the make-whole amount the district otherwise would have received.
Why it matters: A 30-year, 100% TIF can shift the flow of incremental property tax revenue that would otherwise go to taxing districts. Jeremy gave a conservative 30-year revenue estimate from the TIF area of about $9.6 million, subject to the final agreements and the area’s projected development.
City staff and board members said the TIF legislation will be brought forward for formal action in a future meeting after attorneys for the city and the district finish negotiations. Jeremy told the board a groundbreaking for the project is scheduled for next Thursday at 2 p.m.
Board members at the meeting framed the deal as a neighborhood-revitalization effort. One board member said the plan is a “win-win,” calling it a significant project for the city and expressing support for the neighborhood-focused investment. City and district attorneys will continue negotiating the formal agreement before it returns to the board for any vote.
No formal vote on the TIF proposal was taken at Thursday’s meeting; board members were briefed and asked questions about timing and expected next steps.
