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Council approves River West IDD allocation areas and several finance resolutions; staff outline potential $225M state cap over 30 years
Summary
Caleb Bauer outlined an Innovation Development District (IDD) overlay for River West that can retain up to $15M/year in state sales and income taxes (municipal share $7.5M; state cap $225M over 30 years). The council adopted the IDD allocation resolution and several finance items (investment policy, state revolving loan signatory and Community Police Review Board appointments).
Caleb Bauer, executive director of community investment, presented a proposal to create eight new IDD allocation areas within the River West development area. Bauer said an Innovation Development District (IDD) can allow a municipality to retain state sales and income tax increment within the district, similar to tax increment financing but including state taxes. Key terms presented: a $15,000,000 annual cap on state sales and income tax retention within the district (the first $7,500,000 of that amount remitted to the municipality and the second $7,500,000 subject to IEDC coordination), and…
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