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City manager outlines FY27 revenue shifts: downtown TIF payoff, waterfront subsidy and bag-and-tag phaseout
Summary
City manager presented revenue adjustments intended to offset property-tax pressure: the downtown TIF is producing increment the plan proposes transferring to the general fund; the waterfront TIF will receive a proposed $500,000 general-fund subsidy in FY27; and phasing out bag-and-tag sales is expected to reduce revenue by about $500,000.
The city manager briefed the council on key revenue items in the proposed FY27 budget and identified several policy choices intended to reduce property-tax burden while covering near-term obligations.
Downtown TIF: city staff said the downtown tax-increment financing (TIF) district now generates more than enough increment to cover its parking-garage bond, allowing the city to transfer the surplus into the general fund. "After 14 years, 6 years early, we were able to show that there's a significant return on that investment,"…
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