Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Syracuse officials review interlocal tax‑sharing, public infrastructure district for West Davis corridor
Summary
Councilors discussed a draft interlocal agreement that would direct portions of future tax revenue to a newly formed public infrastructure district (PID) to finance roads, sewer and stormwater for a commercial development along the West Davis Corridor. No action was taken; staff and the PID board are finalizing contract language.
Syracuse City Council members reviewed a draft interlocal tax‑sharing agreement that would have taxing entities pledge a share of future incremental tax receipts to a public infrastructure district (PID) to fund infrastructure for the Syracuse West Davis Corridor Gateway reinvestment area.
In a presentation to the council, a city official said the PID and a community reinvestment area (CRA) would use future property tax generated by converting farmland into commercial development to repay bonds that front the money for sewer, stormwater, roads and trail construction. “The PID gets its money upfront because what it does is it goes out to bond, sells a bond to a private entity…they front the money, and they get it back with interest over a long period…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
