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City staff seeks 35% increase to Tea TIF District #2 plan, adding $1.81 million
Summary
City Administrator Justin Weiland presented a proposed amendment to the Tax Increment Finance (TIF) District #2 plan that would increase the plan by 35%, an additional $1,814,619. A formal resolution to adopt the amendment will be considered at a future meeting.
City Administrator Justin Weiland reviewed a proposed amendment to the Tea Tax Increment Finance (TIF) District #2 plan at the council's Feb. 2 meeting. According to the minutes, the amendment would increase the plan by 35%, equal to an added $1,814,619. Weiland told the council a formal resolution to adopt the amendment will be brought forward at a later meeting.
The minutes do not include further details on how the additional increment would be allocated, which projects would be funded, or whether the increase requires county or state review. Council members did not take a formal vote on the plan amendment at the Feb. 2 meeting; the item was presented for review and future action.
