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City accepts TURC findings on CRA/TIF programs; July revenues show income-tax growth
Summary
Council approved the Tax Incentive Review Council findings (Resolution 25-62) recommending continuation for most CRA and TIF agreements; the finance director reported July income-tax collections were up about 7.7% year-over-year after correcting a prior typo and the city has repositioned investments to improve returns.
The council accepted the Tax Incentive Review Council’s (TURC) recommendations on active CRA, TIF and residential CRA agreements and heard July financial results.
Economic development coordinator Logan Birney summarized TURC findings: 13 CRA agreements reviewed (7 fully compliant; 6 found noncompliant but recommended for continuation), 12 TIF agreements recommended for continuation and 31 active residential CRAs recommended for continuation. “In reviewing the notes … we received feedback that the information presented last year was difficult to parse; we reformatted the materials for clarity,” Birney said.
Finance Director reported July results and corrected a prior typo: income taxes are up about 7.7% over last year (the earlier 9% figure was a carryover error). He also said staff has shifted investments to eliminate instruments yielding under 3%, which should increase future investment earnings.
Council approved Resolution 25-62 accepting TURC recommendations and thanked staff for the reformatted presentation.
