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Council conducts tax-increment financing exercise; staff review project-area implications
Summary
Farmington staff led a tax-increment financing exercise March 7 to illustrate TIF mechanics for project areas created in 2018 and to note which project areas will not collect increment from certain entities in the upcoming fiscal year.
On March 7 Farmington councilmembers participated in a tax-increment financing (TIF) exercise led by City Manager Brigham Mellor and staff that walked members through how increment is generated and allocated in project areas created in 2018. Mellor and staff emphasized that several project areas will not be collecting increment from various taxing entities in the upcoming fiscal year and discussed implications for future financing of capital projects.
The session was presented as an educational exercise rather than a formal policy vote; staff framed the TIF overview to help councilmembers weigh future project funding and to inform budget planning.
