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Council adopts 2026–27 TIP and TED annual plans with allocations for infrastructure and private investment
Summary
Council approved the 2026–27 Tax Increment Plan (TIP) and Targeted Economic Development (TED) annual plans, confirming allocation percentages and budgets: TIP ~ $1,000,600 and TED ~ $570,000 with established percentages for management, infrastructure, private investment, discretionary funds and reserves.
The council voted July 20 to adopt the 2026–27 annual plans for both the Tax Increment Plan (TIP) and the Targeted Economic Development (TED) district.
Staff said the TIP annual plan sets allocations (management 1%, private property investment 25%, infrastructure 45%, discretionary 19%, reserve 10%) and identified a current TIP budget of approximately $1,000,600. The TED plan showed allocations with a heavier infrastructure/private share (management 1%, infrastructure/private 75%, discretionary 14%, reserve 10%) and a budget near $570,000.
Commissioners noted the plans preserve tools such as a revolving loan option and bonding options for future projects; the advisory board opted not to allocate into the revolving loan for now. Council approved both annual plans on roll call.
Next steps: staff will administer the plans according to approved allocation percentages and continue outreach on project eligibility and the revolving loan options.
