Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tif Payment topic
No spam. Unsubscribe anytime.
City council approves $49,000 TIF reimbursement to RCL Development
Summary
The Seminole City Council approved payment of a $49,000 invoice to RCL Development from Tax Increment Finance District No. 2 proceeds to reimburse eligible infrastructure work; staff noted limited collections so far and that payments are permitted under the TIF plan.
The Seminole City Council voted to approve payment of a $49,000 invoice from RCL Development to be paid from proceeds in Tax Increment Finance (TIF) District No. 2.
City staff explained the TIF plan reimburses developers for eligible infrastructure costs (streets, sewer, water, electric) using the incremental property-tax revenue generated by new development in the district. Staff said only about $52,000 had been collected in the TIF account so far because property tax increments can take time to be assessed and posted to rolls; staff nonetheless recommended releasing the $49,000 invoice to reimburse the developer for completed infrastructure work.
A council member clarified that the payment is to the developer who installed the infrastructure, not to builders constructing individual homes. Staff noted the TIF plan and associated reimbursement procedures allow such payments once the increment is available. The motion to approve the payment was moved, seconded and approved by roll-call vote.
Next steps: staff will record the reimbursement against TIF District No. 2 accounts and continue to track and report incremental tax receipts as properties are assessed.
