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TIF revenue baseline about $2M annually; fire department repayment will reduce future shares
Summary
Staff said DURA receives about $2 million annually in tax-increment financing but noted a repayment agreement will reduce that amount and TIF collection ends in 2037, constraining redevelopment funding windows.
Staff briefed the board on the tax-increment financing baseline and repayment obligations that will affect future DURA revenue.
"We do receive annual revenues of about $2,000,000 from TIF," one committee member said. Staff also reminded the board that once the TIF was triggered the 25-year clock began; "2037 is the end of collecting," Carrie said.
Carrie described a separate agreement that requires the town to pay back 50% of the TIF that was attributed to the fire department, which will reduce available TIF receipts when the repayment begins to take effect. Another speaker noted there are about 11 years left in the redevelopment collection period.
Board members said they should account for the repayment and the shrinking collection window when prioritizing future DURA spending and planning.
