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Council amends TID 46 to add $1 million for small business support; housing allocation removed pending projects
Summary
The council amended Tax Increment District 46 (Research Park) to add $1,000,000 for small business assistance programs and noted previously listed affordable‑housing funds were removed because no immediate housing project was identified; staff said housing could be reintroduced if proposals arise.
Council members voted unanimously on July 7 to approve an amendment to the project plan for Tax Increment District 46 (Research Park) that adds $1,000,000 for small business assistance programs, including façade and building‑improvement grants and small commercial loans.
Director Miklodjewski explained that TID 46 is cash‑rich and expected to close in one to two years, making some increment available for city‑administered small business programs. He said the city has used other TIDs to fund similar programs and that the $1,000,000 would be available to qualifying businesses within the TID.
On the question of an earlier line item for affordable housing that appears in the document, staff said the housing allocation was eliminated during a 2025 boundary amendment and project‑plan update because there was not an immediate housing project ready to use those funds. Miklodjewski said council retains the ability to amend the project plan in the future if an eligible housing proposal comes forward.
Alder Pritchett asked for clarification on prioritization; staff replied small business programs, infrastructure and private development loans are typical TIF expenditures and that housing projects generally support themselves by generating increment tied to the project.
The council recorded a unanimous vote to adopt the amendment.
