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Dayton RDC begins discussion on incorporating SIA Park into a TIF and considers hiring Cronin & Associates
Summary
The commission discussed incorporating SIA Park into Dayton and starting a tax-increment financing (TIF) process; it also moved to engage Cronin & Associates for finance management, with Mike Harries to follow up.
Members of the Dayton Redevelopment Commission discussed whether SIA Park should be incorporated into Dayton and whether the park could be established as a tax-increment financing (TIF) district.
Commission attorney Patrick Jones advised starting the process with a map and economic data and said establishing a TIF would require bond and financial advisors because the process is multi-layered. Jones suggested beginning the TIF study before Dayton begins collecting property taxes from the park.
The commission also considered engaging Cronin & Associates for finance-management services and annual reporting. The minutes name Jim Creek of Cronin & Associates as the proposed contact; the record shows Mike Harries said he would check with Cronin to ask questions. The minutes note that Baker Farms would fall under Town Council jurisdiction, not the RDC.
The minutes record discussion and a motion to begin engaging Cronin & Associates, but they do not show a recorded vote or contract award in the minutes. Patrick Jones was identified as the person who will prepare resolutions or next-step materials related to the TIF conversation.
