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Council approves creation of a micro TIF program for small-scale projects in designated blight areas
Summary
After discussion of eligibility, financing mechanics and administrative limits, the council approved a motion to establish a micro TIF program — an expedited, lower-cost tax-increment financing tool intended for small-scale revitalization projects in designated blight or substandard areas.
Carly Gadecki, presenting on behalf of city staff, proposed a micro TIF program intended to expedite small-scale tax-increment financing for projects in designated blight or substandard areas. Carly described micro TIF as similar to traditional tax-increment financing but designed for smaller projects with a streamlined application, lower fees, and a two-year completion requirement.
City staff clarified that micro TIF projects…
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