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Perry RDA reports $54,000 in annual property tax increment; agency near repayment of initial obligations
Summary
The Perry Redevelopment Agency annual report, presented by financial adviser Jason Burningham, showed roughly $54,000 in property tax increment and about $245,000 in incremental sales tax this period, with total accrued obligations of about $2.29 million and an outstanding shortfall of roughly $500,000 that will be reduced by upcoming increment payments.
Financial adviser Jason Burningham presented the Perry Redevelopment Agency's annual report and walked the council through tax-increment figures, historic obligations and upcoming sunsets. He said the project's base-year value was just over $1,000,000 and that the tax-year value for 2025 was nearly $22,000,000.
"This first slide, just an indication of the next two years, what's anticipated in terms of it would generate about $54,000 each year," Burningham said, noting this year the RDA received roughly $54,000 in property tax increment and about $245,000 in incremental sales tax. He reported the RDA has accrued approximately $2,291,000 in obligations to pay for infrastructure installed by special assessment; after recent increments and payments, that outstanding agency shortfall is roughly $500,000.
Burningham explained that Perry City bears the city's 90% participation rate in the project area and that, under an interlocal agreement, sales-tax increment collected by Perry is used to reimburse the city for prior out-of-pocket costs until the obligation is satisfied. He also described legislative reporting changes that move the repository for RDA reports to a new "stats" program as of Jan. 1, 2027, and discussed options for using remaining fund balances for infrastructure or affordable-housing findings if the board opts to do so.
