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EDC told it will receive $180,000 implementation fund as TIF budget is reviewed
Summary
Chair Steve Sawyer said the TIF budget for next year is under review and that the Economic Development Committee will receive an Economic Development implementation fund line item currently at $180,000; the EDC is no longer required to suggest or approve line items.
Chair Steve Sawyer informed the committee that the Tax Increment Financing (TIF) budget for next year is currently under review and that the Economic Development Committee will no longer be required to suggest or approve line items. Instead, the EDC will receive a dedicated Economic Development implementation fund line item, currently set at $180,000.
Members heard the update as part of the regular meeting agenda; no motion or vote on the budget item was recorded in the minutes. Committee members may receive further budget materials during the municipal budget review process, but the minutes record only the current line-item figure and the change in the committee’s role regarding line-item approval.
