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Mayor explains RDC role and downtown TIF uses, including façade grants and infrastructure
Summary
Mayor Pete described the city's redevelopment commission (RDC) authority under state statute, said TIF revenue must be reinvested in the originating area, cited the downtown façade grant (up to $25,000) as a common use and said RDC funds also support public infrastructure and, by exception, police and fire needs.
At the Bear Complex session Mayor Pete outlined what a redevelopment commission (RDC) does under state statute and how tax-increment finance (TIF) dollars are used. "It's defined by state statute," he said, adding the RDC focuses on designated areas to address blight, spur economic development and increase the local tax base.
The mayor described typical RDC investments in downtown streets and building façades: property owners in the historic downtown can apply for a façade grant that reimburses up to $25,000 of approved work, subject to historic-preservation-board approval. ‘‘That money comes from the RDC, and that's money that is reinvested into that business to make it successful,'' the mayor said.
He said RDC money is normally restricted to the taxing area except for an explicit exception that allows some RDC funds to be used for citywide police and fire needs. The mayor said the city plans multi-year projects and typically budgets RDC spending in advance.
