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Commission authorizes signature to submit TIF notification to Gateway
Summary
Following guidance from Baker Tilly, commissioners approved a motion authorizing a city official to sign a notification to Gateway/Beacon stating there is no excess assessed value to allocate under the TIF rules, a filing staff said is required to avoid potential reversion of funds.
City staff told the commission that Baker Tilly advised formally notifying Gateway/Beacon that, under the city's current assessment, there is no excess assessed value to allocate to overlapping taxing units under the TIF rules. Staff warned that failing to file the notification could expose the TIF fund to a reversion of up to 5% to the general fund, per the accountant's guidance.
Staff asked the commission to authorize Kevin Smith to sign and upload the notification. A motion to allow the signature was made, seconded and approved by voice vote; the meeting record does not include a roll-call tally or the names of the motion maker and seconder.
Staff said the notification and accompanying statements are those included in the meeting packet and that the accountants had reviewed parcels to remove non-taxable properties that do not affect the TIF calculation. Commissioners did not debate the substance at length and directed staff to upload the document to Gateway/Beacon as recommended.
