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Council reviews TIF balances and options for downtown housing district
Summary
Council reviewed EDA recommendations on expiring TIF districts: the housing TIF has generated about $2.296 million with roughly $125,000 remaining and two years left; options include modifying, decertifying early, or doing nothing and returning overage to the county.
Council reviewed an Economic Development Authority update on several tax‑increment financing (TIF) districts affecting housing and downtown improvements. Staff reported the downtown housing TIF (Ocus Properties) has generated approximately $2,296,135 to date with roughly $125,000 remaining; the district has two years left before scheduled decertification.
EDA members outlined three options: (1) modify and reassess the TIF district so it can continue to collect increment for another period; (2) decertify the district early and revert tax receipts to standard levies; or (3) do nothing and, if collections exceed budgeted caps, return any overage to the county. Council members noted the TIF funds are being used for housing grants and land acquisition and that one district (1‑9) runs until 2044 and requires certification that 20% of units meet a specified affordability threshold before payments are released.
Council asked the EDA to draft a formal recommendation and return it with options and fiscal impacts for council action. Staff also noted administrative fees deducted annually and that final reconciliation may require returning small amounts to the county when final numbers are calculated.
Next steps: EDA to provide a recommendation on whether to modify, decertify early or leave the district intact; council to consider the recommendation at a future meeting.
