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Woodland Park officials hear how DDATIF ends in 2032 and what extension would mean
Summary
At a joint work session, the DDAgeneral counsel explained the Downtown Development AuthorityTIF was created in 2002 and will end by operation of law in 2032 unless city council extends it; a 20-year statutory extension would default to a 50/50 split of future increment with other taxing entities and the DDA's debt is scheduled to be paid off in 2028, freeing roughly $400,000 a year for projects.
Marcus McCaskin, general counsel to the Woodland Park Downtown Development Authority, told the council and DDA board that the authoritywas formed in 2001 and the foundation plan approved in 2002 started a 30-year tax-increment financing (TIF) period that "will, by operation of law, just automatically kind of terminate, at the end of the 30 year period in in 2032." McCaskin characterized the session as educational and said he was there to answer questions.
McCaskin explained a 2008 change in state law allows a city council to extend a DDA's TIF period for an additional 20 years, but that…
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