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Council approves TIRZ No. 2 and No. 3 proposed budgets; No. 3 begins collecting revenue
Summary
TIRZ No. 2 (North Speedway Industrial Area) budget was approved as a transfer from the general fund with an expected ending balance of $0. TIRZ No. 3 (35 W 1 14 lifestyle center) will for the first year collect property tax revenues of about $108,000 and match expenditures of $108,000; both budgets passed unanimously.
The council, sitting as TIRZ boards, approved proposed budgets for TIRZ No. 2 (North Speedway Industrial Area) and TIRZ No. 3 (35 W 1 14 lifestyle center) during the Aug. 21 special meeting.
John, town staff, said TIRZ No. 2’s budget reflects a transfer from the general fund to support consultant services and TIRZ operations; expenditures match that transfer and the ending fund balance is expected to be $0. The council approved the minutes for TIRZ No. 2 and then approved the proposed budget unanimously.
For TIRZ No. 3, staff said this is the first year they expect to collect revenues: projected property tax revenue of $108,000 and matching expenditures of $108,000 that cover consultant services, administrative overhead and transfers to the debt service fund. Council moved to approve the TIRZ No. 3 budget as presented and the motion passed unanimously.
