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Finance committee approves closeout of TID 7; staff says final collections will largely restore taxing jurisdictions' full values
Summary
The Finance Committee voted Sept. 8 to adopt a resolution terminating Tax Incremental District 7, which was created in 1999. Staff said the district has largely met its objectives but will be about $250,000 short at final closeout, an amount the general fund will cover.
The Finance Committee voted Sept. 8 to close out Tax Incremental District (TID) 7, which was created in 1999 and has reached the end of its term.
City staff told the committee TID 7 has generally performed as expected by spurring development, public infrastructure and jobs in the industrial area north of Washington Street between River and Ralphs. When the…
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