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Council approves expedited amendment to 1717 Marketplace TIF to reimburse city for 15th Street work
Summary
Council approved an expedited second amendment to the 1717 Marketplace tax‑increment financing plan to increase the reimbursable budget for completed 15th Street improvements by roughly $600,000 so the city can reimburse itself and begin closing the TIF/TDD and distributing surplus revenues to taxing jurisdictions.
City staff presented a second amendment to the 1717 Marketplace redevelopment plan and explained the city had completed 15th Street improvements and needs the redevelopment plan amended to reflect an approximately $600,000 increase in actual project cost. Staff said the city advanced the work to complete construction in a cost‑effective and timely manner and will be reimbursed from TIF/TDD revenues; collections occurred faster than construction, allowing an expedited reimbursement and planned termination of the TIF once obligations are repaid.
Staff noted the TIF commission held a public hearing on April 30, received no public comment, and unanimously approved the amendment. Council moved to approve council bill 2026‑511 on an expedited basis and voted unanimously in favor so the city can repay itself and begin the process to close the TIF and return surplus revenues to taxing jurisdictions (school district, county, etc.).
City staff also said the related TDD closure will require a court process and take longer than the TIF closing steps.
No public testimony opposed the amendment at the council meeting; the amendment will take effect on an expedited schedule to allow prompt distribution of funds to affected jurisdictions.
