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Inver Grove Heights council approves partial redistribution of decertified TIF funds
Summary
The council voted to approve a resolution redistributing funds from decertified TIF District 4-1, returning an estimated $2.4 million to the city for general purposes while the full $4.3 million option for affordable housing remains under consideration.
The Inver Grove Heights City Council voted to approve a resolution to redistribute tax-increment financing proceeds from the city's decertified TIF District 4-1, moving forward with the option that returns a portion of the funds to the city and other taxing districts.
Finance Director Hov told the council the district, created in 1991 for a regional mall development, decertified in December 2019. The district's remaining balance is about $4.3 million. Under the redistribution option Hov described,…
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