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Auditor: P&G RDA developer share will shrink about 20% next year, sending more increment to local entities
Summary
Shirley Larson told commissioners the portion of tax increment paid back to the P&G project will drop by roughly 20% next year, which will increase distributions to other taxing entities; the change reflects the projects stage of incentive repayment.
During the budget review, Shirley Larson said the P&G RDA remains active and that tax increment currently funds both infrastructure (a waterline) and incentives returned to the developer. "Once they pay their property taxes, they receive some of that back," Larson said, and she added the developers share is expected to drop by about 20% next year.
Larson said that change will increase the share of tax increment flowing back to taxing entities beginning next year; she presented the shift as part of routine wind-down of developer incentives rather than a new policy change.
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