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Council hears TIF and CID update: assessed value and revenue tracking above original projections
Summary
City staff reported that the Smithfield Marketplace TIF’s assessed valuation is tracking above original projections (~$6,000,000), EATS and CID revenues are below some original estimates this year but are expected to recover, and estimated year-end TIF/CID balances could be about $300,000.
City staff (S2) presented the five-year annual update on the Smithfield Marketplace TIF and the Smith Commons Community Improvement District during the Board of Aldermen meeting.
The presenter said assessed valuation for the redevelopment area is holding slightly above $6 million, “well above the projections that the TIF originally started with,” and noted tax-increment payments (PILOTs) and economic activity taxes (EATS) are tracking higher in valuation but lower in one EATS projection because an anticipated Tractor & Supply store did not open. The presenter noted year-to-date EATS for 2025 were about $138,000 with an expectation the year could close nearer to $260,000–$300,000 depending on openings.
Staff also showed CID receipts: a revenue projection of $362,000 versus year-to-date receipts of $233,000; if annualized staff expects close to $400,000 for the year. The presenter called out a school distribution payment this year of $74,800. City officials did not propose new policy changes tonight; the item was presented as the annual financial update and the public hearing was opened and then closed by the mayor.
The presentation included a short list of current businesses in the redevelopment area (Scooters, Taco Bell, Domino’s, T-Mobile, Ace Hardware, Burger King, Jimmy John’s, and a dentist).
The public hearing for the annual update was opened and closed without public testimony at tonight’s meeting.
