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City staff propose $2.8 million in donations from downtown TID 56 to help two struggling neighborhood TIDs
Summary
DCD asked the committee to amend Tax Incremental District (TID) 56 to donate surplus increment: $1,514,000 to TID 89 (Garfield & North) and $1,294,000 to TID 106 (McKinley) to cover remaining project costs and protect the city from market dips; committee recommended adoption by unanimous consent.
The committee took up an eighth amendment to Tax Incremental District (TID) 56 that would allocate surplus increment to two underperforming neighborhood districts, DCD officials said.
Alyssa Remington of the Department of City Development told the committee that TID 56 was created in 2004 to facilitate Riverwalk and public-infrastructure projects and that it has generated about $77,664,000…
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