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Garden City DDA reports roughly $629,000 in TIF capture, highlights 20 new businesses and downtown projects
Summary
At an annual informational meeting required by Public Act 57, a DDA presenter said the Garden City Downtown Development Authority captured about $629,000 in tax-increment financing this year and detailed uses for the funds, several capital projects, and business-support grants.
A DDA presenter told the Garden City Downtown Development Authority at its annual informational meeting that the district captured about $629,000 in tax-increment financing (TIF) this year to support downtown projects and programs. “This is our annual informational meeting that is actually required by Public Act 57,” the presenter said.
The presenter said the district’s current taxable value is about $34,000,000 with a historic base near $12,000,000 and estimated captured value of about $21,000,000. Of that capture, the presenter said the DDA’s share comes to roughly $629,000; about $387,000 represents the general allocation and roughly $241,000 comes from other funding sources.
Why it matters: the money funds maintenance, marketing and…
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