Joint Review Board approves $1.4 million TID transfer to fund shipyard redevelopment phase 2

The Tax Incremental District Joint Review Board on July 24 approved an allocation amendment to transfer up to $1,400,000 from Tax Incremental District 12 into TID 22, the shipyard TID, to help pay eligible activities and costs associated with phase 2 of the shipyard redevelopment.

Rebecca, a staff member presenting the item, said, “So this is our 2nd review of this item,” and noted the proposal had already gone through the Redevelopment Authority (RDA) public hearing and was approved by the RDA and the city council earlier in the week. She described the proposed $1,400,000 transfer as intended to fund eligible project-plan activities tied to the shipyard redevelopment.

Board members asked clarifying questions about timing and eligibility tied to the TID termination schedule. Rebecca told the board that the TID termination is set for August 18 and emphasized the compressed timeline because the RDA and council approvals happened earlier in the week. Diana Jackett, who presided over the meeting, recorded the motion to adopt the allocation amendment and the project-plan amendment.

The board recorded the motion as made by Dan Peters and seconded by Adam Post; the measure passed by voice vote after the chair asked, “All in favor?” and members answered “Aye.” No roll-call tally was recorded in the transcript. The action implements the allocation amendment resolution and amends the project plan for the I-43 Industrial Park/shipyard redevelopment as described in staff materials.

Next steps: the approved amendment is now reflected in the TID project plan records and, per staff remarks, will proceed with the administrative steps tied to the termination date and the redevelopment schedule.