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EDC hears TIR(S) board overview; staff says about $70,000 remains in tax‑increment fund
Summary
Town staff briefed the Economic Development Corporation on the town’s Tax Increment Reinvestment Zone (TIR(S)): history, allowed uses, an estimated $70,000 fund balance, and the zone’s current expiration on Dec. 31, 2034; Town Council retains final project approval.
Town staff presented an overview of the town’s Tax Increment Reinvestment Zone — referred to in the meeting as TIR(S) — on Nov. 20, explaining the zone’s history, legal limits and available funds.
Speaker 1 (town staff) said the TIR(S) plan was adopted by ordinance in 2013 after an initial 2007 resolution and that the town amended developer agreement language in 2016. Staff noted final payments on prior developer agreements were completed in December 2024. "We currently do not have any payments for any developer agreements in the TIR(S) area, which gives us a great opportunity for our small area plan," Speaker 1 said.
On the fund balance, Speaker 1 stated, "We still have $70,000 left in it in our fund balance to use." Board members asked whether county participation was required; staff said county participation is necessary only if the county elects to participate. The presentation clarified approved uses: "public infrastructure improvements, incentive agreements for developers, and administrative costs related to the TIR(S) operation," and reiterated the board cannot issue bonds, impose additional taxes, exercise eminent domain, or provide final project approvals — Town Council must do that.
Staff described how tax increment works: it freezes a base valuation and captures the increment above that base to finance public improvements or incentives. Board members discussed fund growth and capture percentages; one board member estimated annual increment between roughly $70,000 and $100,000, and another said the increment had totaled about $1,000,000 to date. Speaker 1 said staff will update the TIR(S) plan before approving any specific projects and will work with legal counsel to ensure compliance.
