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City approves $2.5 million tax-increment distribution for TIF district, up 43% from last year
Summary
The commission approved a $2.5 million distribution of 2024 incremental tax revenue from the city's 50-block TIF district — a 43% increase from the prior year — with finance staff attributing much of the change to tax rate adjustments, wage growth and new businesses.
The Bowling Green Board of Commissioners approved distribution of $2.5 million in 2024 incremental tax revenues from the city’s 50-block tax-increment financing (TIF) district at its Dec. 2 meeting.
Zane Martin of the finance department told commissioners the distribution totals $2,500,000 — an increase of $770,000, or about 43%, from last year’s $1.7 million. Martin attributed most of the increase to capturing adjustments related to withholdings and net profits tax rates and cited wage growth and new businesses moving into the district as additional drivers.
City Manager Meisel and staff said the TIF authority is in the process of receiving the state distribution. The commission moved and approved municipal order 2025-305 to authorize the distributions to appropriate recipients as required under the TIF district structure.
Next steps: Finance staff will continue final accounting and distribution to the designated recipients once state transfers are confirmed.
