Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Clerk: TIF may generate about $100,000 first year; $1M streetscape earmark appears in draft appropriations
Summary
A clerk's office representative told council the TIF district could produce about $100,000 in its first year and the street‑scape project is listed for $1 million in a draft FY2025 HUD appropriations bill, though final funding is not guaranteed until Congress and the president act.
A representative from the clerk's office told council the TIF advisory committee and city advisers estimate roughly $100,000 in TIF receipts in the first year, higher than initial projections. "It looks like together will generate about 100,000 in this first year," the clerk said, and council discussed the possibility that those revenues could underpin a bond issue of a few million dollars if the estimates hold.
The clerk also reported that the street‑scape project was included at $1 million in a draft FY2025 Transportation, Housing and Urban Development appropriations bill but stressed that inclusion in a draft does not guarantee funding: the Senate and House must reconcile drafts and the appropriations bill must be enacted and signed before funds would be available. The clerk said the administration will continue to pursue options and determine how any federal dollars would be transferred to the city if awarded.
