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Council hears plan to hold TIF closure proceeds in a separate fund to cover underperforming districts
Summary
Staff told council the city manages about 30 active TIF districts and identified two underperforming TIDs (Aviation Business Park and Southwest Industrial Park); staff proposed placing TIF‑closure proceeds in a separate fund to bail out underperformers only if necessary and discussed rezoning, covenant changes and marketing to find buyers.
City economic development staff briefed the council on the condition of the city’s Tax Increment Financing (TIF) portfolio and options for addressing two underperforming districts.
Kelly explained the city administers roughly 30 active TIFs and said two—identified as the Aviation Business Park and the Southwest Industrial Park—are currently underperforming and not generating increment sufficient…
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