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Consultant reports first TIF settlements at about half of projections in several areas
Summary
Cole of Reed Financial Group told the commission the first settlement for fiscal year TIF areas shows Burkhart at roughly $3.14 million (about 50% of projection), Bushman $224,484 (about 60%), Jackson Park $43,004.20 and Silgan $131,786; Cole said there are no urgent concerns and a full review will follow final settlements in November.
Cole of Reed Financial Group briefed the commission on the first tax-increment-financing (TIF) settlements of the year, saying several areas are roughly at the halfway point of their annual projections.
The consultant said one allocation area "received 3,140,264," adding that Bushman received "224,484" and Jackson Park $43,004.20; Silgan recorded $131,786. "Overall, no concerns," Cole said, and he told members the jurisdiction should review final numbers after the November settlements.
The update covered the four TIF allocation areas tracked by the jurisdiction. Cole framed the figures as interim receipts and noted that final-year receipts will determine whether any adjustments are needed. A commission member responded that the group had already reviewed the materials in a prior workshop and thanked Cole for the summary.
The commission did not take formal action on the report; Cole said staff will perform a full review after year-end settlements are complete in November.
