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La Porte redevelopment panel hires Baker Tilly to review Boyd Boulevard TIF finances
Summary
The La Porte City Redevelopment Commission voted 5-0 Feb. 25 to hire Baker Tilly to review and recalculate financial projections for the Boyd Boulevard tax-increment financing district, after staff described the scope and offered to answer questions.
The La Porte City Redevelopment Commission voted 5-0 on Feb. 25 to approve an engagement letter with accounting firm Baker Tilly to review financial elements of the Boyd Boulevard tax-increment financing (TIF) district.
Mr. Phillips, who presented the engagement letter, told commissioners the work will involve a recalculation of financial elements in the TIF “based on anticipated actions to be taken in that TIF district” and said he was available to answer questions. “You have in the packet an engagement letter proposal from Baker Tilly,” he said during the presentation.
Commissioners made a motion to approve the engagement letter; after a second, the commission approved it by voice vote recorded as 5-0. The commission did not provide additional conditions on the engagement in the meeting record.
The review is intended to clarify projected revenues and allocations in the Boyd Boulevard TIF district ahead of expected district actions; Mr. Phillips described the engagement as a financial review and recalculation but did not specify a dollar amount for the contract during the public discussion. The commission directed staff to proceed with the engagement as approved.
The commission’s next scheduled special meeting is Tuesday, March 3, at 9:30 a.m., when staff said meeting materials will be circulated to commissioners.
