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TIF districts reviewed; downtown programs kept and South district proposes $10M bond for South Park Pool
Summary
Urban renewal staff reviewed four urban-renewal funds and three TIF districts, noting loan fund balances, development-incentive budgets and a $10M bond-funded South Park Pool project; council asked about property disposition and options if centrally assessed values skew growth figures.
Urban renewal staff reviewed the city’s urban renewal programs and the FY27 proposed budgets for each district. The downtown revolving loan fund has about $2.0M in cash and $600,000 in current outstanding loans; staff budgeted $800,000 for new loans. The East and Downtown TIF districts include development incentives (many tied to previously approved projects) and pay for a portion of a TIF coordinator position. The South TIF district budget lists $15.5M in planned receipts and identifies a proposed bond-funded capital project: a $10M South Park Pool.
Staff noted that many development incentives already correspond to previously approved projects; they also flagged a request to increase cooperative safety funding downtown to cover security, outreach and three police officers, a request not yet in the proposed budget. Council members asked how centrally assessed properties and government-owned properties affect district taxable-value growth and whether districts can be reset; staff said outstanding debt and development agreements limit the city’s ability to extinguish a district early and that distribution of excess proceeds is possible under state law but does not eliminate obligations.
Council asked about marketing long-held city parcels on South 27th; staff said the parcels are on the property-disposition list and may be sold via negotiated sale but that marketing and realtor signage had not been activated yet. The city also discussed planned transfers from the South TIF to cover maintenance expenses for urban-renewal-owned properties.
No formal action was taken; staff will return with requested clarifications on centrally assessed impacts, South Park Pool timing and disposition processes for long-held properties.
