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Staff outlines Reinvestment Zone No. 1 finances and recommends $1.01M reimbursement to developer
Summary
At a Reinvestment Zone No. 1 Board meeting, staff reported a roughly 45% increase in assessed value since the zone’s creation, detailed how M&O and county rates feed the TIF, and recommended the board reimburse developer TPJ $1,010,320.71 and the city $209.48; no formal vote is recorded in the transcript.
A staff member gave the Reinvestment Zone No. 1 Board of Directors a financial briefing and recommended the board approve $1,010,320.71 in reimbursements to developer TPJ and $209.48 to the city.
The staff member said the zone receives deposits from both the city and county. "For the city, the M and O rate is used...for tax year 2025, the M and O rate was about 68¢ per $100. So 40% of that went into the TERS, so about 27¢ per $100 went in," the staff member said. The presenter added the county uses its general fund rate, about 24¢–25¢ per $100, and approximately half of that share goes to the TIF fund (about 12¢ per $100).
Staff reported assessed values for tax year 2025 at $269,483,280 and described this as "an increase of about 45% since the creation of…
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