Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Impact Statement topic
No spam. Unsubscribe anytime.
Staff presents tax-impact statement: illustrative $353,000 to RDC, minimal estimated effect on taxing units
Summary
City staff presented a statutory tax-impact statement for an enlargement of the industrial-park TIF/TIP area that includes an illustrative estimate of about $353,000 to the RDC and roughly $9,790 estimated across overlapping taxing units; job estimates were intentionally conservative.
Adam, a staff member presenting the tax-impact statement, walked commissioners through the document's purpose, statutory requirements and the scenarios modeled for an illustrative $10 million project. He said the statement compares outcomes if a project occurs inside the TIF versus outside it and shows impacts for each overlapping taxing unit.
"Essentially, the total revenue impact to the RDC is about $353,000 based on this illustrative project," Adam said. He also read an example of the effect across all taxing units: "about 9,790 as estimated." Adam said state law requires conservative job and wage estimates and that the example is illustrative rather than a prediction of any specific project.
Commissioners questioned the modest job numbers in the example; staff replied that employment outcomes widely vary by facility size and type, with examples ranging from a handful of employees in a small facility to several hundred in a large one. The tax-impact statement and the final materials will be provided to overlapping taxing units at least 10 days prior to the Aug. 19 public hearing.
