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Redevelopment Commission will ask consultant to re-evaluate TIF parcels using a 'Swiss cheese' method
Summary
Commissioners said Chrome & Associates will re-run a five- to six-year-old parcel analysis (the 'Swiss cheese' method) to identify which parcels are 'gainers' or 'losers' in the TIF district; results will be reviewed by the commission and then the city council.
Commissioners said they will ask Chrome & Associates to re-evaluate the tax-increment financing (TIF) district using a parcel-by-parcel approach the meeting referred to as the "Swiss cheese" method.
A speaker summarized the method as identifying parcels that have gained value and removing parcels that have declined so that the overall percentage increase for the district is higher. The commission said the work will inform whether some parcels should be excluded from the district; members noted that many newer TIFs exclude residential parcels and said the review will examine whether the current inclusion of residential property is a drawback.
The commission discussed that the analysis will be reviewed by the redevelopment commission and then go to the city council for approval or further action. No formal vote on changes to the district was made; commissioners said they expect the consultant’s work to be available in the coming years for policy decisions.
Members also discussed practical examples of how removing a losing parcel can change the district's percentage growth calculation and that the outcome could influence future redevelopment priorities.
