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City reports about $554,000 tax-increment collection from city-center reinvestment area
Summary
Councilors were briefed that the City Center Community Reinvestment Area collected about $554,000 in tax increment last fiscal year, with roughly $87,000 in obligations and about $466,000 banked for future projects and potential debt service.
Matt (S5) summarized the city-center CDRA numbers: last fiscal year produced approximately $554,000 in tax-increment revenue. He said the CDRA had commitments totaling about $87,000, leaving roughly $466,000 available to support future small-area planning, infrastructure, or incentive tools.
Councilors noted that most tax-increment receipts post in January and that the revenue will be an important part of financing next steps as the city develops the city-center small-area plan. Staff said they expect the CDRA balance to grow over time and that the council will consider how to use the funds (infrastructure, bonds, or other incentives) in upcoming discussions.
