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Council approves raising Lanes TIF cap to $7 million, revises revenue-sharing
Summary
After a municipal adviser briefing and council discussion about projected valuations and taxing-jurisdiction impacts, the council voted to increase the Lanes tax-increment financing (TIF) reimbursement cap to $7,000,000 and to revise revenue-sharing percentages for years 11–20 of the redevelopment agreement.
Bruce Kimmel, the city's municipal financial adviser, presented revised TIF allocations and a proposed increase to the Lanes TIF cap to $7,000,000. Kimmel explained the city and developer allocation percentages under the recommended alternative and showed projections for a 20-year PAYGO arrangement. "With this projection, you're looking at about $5,500,000 of TIF that would be coming to the city from the two projects combined," Kimmel said while walking through the cash-flow slides.
Council members asked how the change would affect other taxing jurisdictions; Kimmel noted the school district's protected 28 mills remain excluded from TIF and that long-term school and county receipts would increase once the TIF term ends. After discussion of timing, risk and how funds would be used for public infrastructure (stormwater, Martway improvements, trail work), Council member Schmidt moved to approve the resolution amending the 2020 redevelopment agreement; the motion passed by a roll-call vote.
