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Redevelopment Commission advances TIF allocation amendment to scenario 2
Summary
After reviewing a Baker Tilly analysis, the redevelopment commission voted to advance the proposed amendment (scenario 2) to the TIF allocation area; the resolution will go next to the plan commission and town council before returning to the RDC.
The redevelopment commission voted to advance a proposed amendment to the town’s tax‑increment financing (TIF) allocation area after staff reviewed a Baker Tilly analysis that presented three scenarios.
Staff explained that scenario 2 — the amendment the commission advanced — would remove selected residential parcels that are lowering the district’s overall assessed value, increasing projected future revenues for the TIF. The report from Baker Tilly modeled (1) no change, (2) the proposed amendment and (3) a no‑amendment projection for future TIF revenues.
A commissioner moved “to amend the TIF area to the 2nd scenario,” a motion that was seconded and carried on a roll call vote. During the roll call one commissioner voted no; the others present voted yes. Staff said that if the RDC advances the amendment tonight the next procedural steps are plan commission review, town council review, and then a return to the RDC with a confirming resolution.
The commission did not adopt the confirming resolution at the meeting; the motion advanced the amendment through the next step of the review process.
Next steps: Staff will prepare the materials to send the amendment to the plan commission and town council and return later to the RDC with a confirming resolution.
