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Council hears update on Center City tax increment zone; staff outlines growth and future planning
Summary
City staff described the history, mechanics and finances of the Center City tax increment reinvestment zone, including base values, participation changes and remaining rebate and debt obligations; staff said a consultant-led plan update will take about 12–14 months.
Mr. Freeman briefed the council on the Center City tax increment reinvestment zone (TIRZ/TIF), explaining the tool captures incremental growth within a geographic boundary to finance infrastructure and spur investment. He described the zone—s 2006 base assessed value, subsequent growth and how captured increments are reinvested within the zone rather than flowing to general-purpose funds.
Freeman outlined financial figures and commitments: rebate obligations remaining from previous agreements and projected debt service tied to downtown projects. He said the zone originally locked a 2006 base and has since grown to an assessed incremental value reported as roughly $327 million in 2025, noting prior extensions that change participation rates after specified dates. "There—s about $5,700,000 left in rebate payments," he told council, and staff emphasized that the zone—s funds are restricted under existing agreements and cannot simply be returned to the general fund.
On process, staff recommended a consultant-led update to the Center City plan and strategic action plan, estimated to take 12–14 months because of public engagement and the TIRZ board approval that will follow public meetings. Council members discussed committee composition, whether the TIRZ board should lead the review, and the advisory role of any broader stakeholder committee.
