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Committee approves sending Innovation Development District/TIF allocation changes to full council; city eyes Colfax Corner redevelopment
Summary
City staff proposed creating eight new TIF allocation areas and establishing an Innovation Development District (IDD) that could capture incremental state sales and income taxes locally; the committee voted to forward the measure to the full council, noting a March 15 effective base date and potential caps on state remittances (discussed during the presentation).
Caleb Bauer, executive director of Community Investment, presented a proposal to modify the River West Development Area by creating eight new allocation areas and to establish an Innovation Development District (IDD) that could capture certain incremental state sales and income tax revenues for local reinvestment.
Bauer said the IDD would set a base date effective March 15 and allow the city to retain incremental state sales and income taxes generated inside the district according to an…
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