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Redevelopment commission accepts annual TIF reports for eight allocation areas
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Summary
Consultant Greg Garritos of FSG Corp. presented eight tax‑increment financing (TIF) reports; the commission approved the reports and asked for a wording change to note that redevelopment commission members (not elected officials) are paid for meeting attendance.
Greg Garritos of FSG Corp. presented annual tax‑increment financing reports covering eight allocation areas and the Crown Point Redevelopment Commission voted to approve the reports.
Garritos said the cover letters for each report state his opinion that there is no excess captured assessed value for taxes payable in 2027 and that captured assessed value will be used within each allocation area to pay debts or make infrastructure improvements. "One of them that I will point out on all eight reports is in the cover letter where we say we are of the opinion that no taxes payable in 2027 there is no excess captured assessed value," he said.
He summarized several specific districts: the Crown Point I‑65 allocation area shows historical assessed valuation growth and, as of the report, about $4,200,000 in captured value (not including debt service and bond and interest funds); the 0.65 allocation area was described as having an estimated $11,000,000 in assessed value and an estimated $260,000 in TIF revenue for 2026; the Sportsplex allocation area shows a projected assessed value of $2,046,000. For the US 231 district, Garritos said final county numbers for 2025 "looks to be around 13,000,000 unassessed value with 324, TIF dollars collected." He noted these reports reflect activity in 2025 and include future estimates on specified pages.
A commission member asked that the eight reports explicitly note that redevelopment commission members — not elected officials — are paid for attending meetings. Garritos agreed to implement the requested wording change if the commission sends an email with the desired language and said he would update all eight reports.
A commission member moved to approve the reports, the Chair seconded, and the commission approved them by voice vote. Garritos said the reports will be presented to the city council that evening and uploaded to the state gateway after council comment.
The reports include assessed‑value histories, cash balances, debt schedules and coverage calculations for each allocation area; commissioners did not record amendments during the vote.
