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Staff recommends options to accelerate Beckwith Hill TIF captures and consider extension for housing
Summary
Staff reported Beckwith Hill currently captures about $630,000 annually (just over $11 million total capture to date) and recommended considering temporarily increasing capture to 100% for the final five years to fund priority CIP projects; staff also flagged a possible 20-year extension if 75% of new capture is dedicated to affordable housing or transit-oriented development.
Staff presented a financial snapshot of the Beckwith Hill TIF and proposed short- and medium-term options to maximize near-term revenue for capital needs.
"Beckwith Hill is currently capturing approximately 630,000 each year in tax revenue, and the total capture year to date since its inception is just over 11,000,000," staff said. The staff presentation noted capture rates decline over the next five years toward a 20% capture in the final year; one proposal would increase capture to 100% for the final five years to push CIP projects forward. Staff also described an option to extend the TIF for 20 years, conditioned on dedicating 75% of TIF revenue to affordable housing or transit-oriented development, and noted other newly created TIFs might provide flexibility to reassign projects as districts expire.
Why it matters: changes to TIF capture or a long extension would alter the city’s revenue flows and could fund infrastructure (for example, public-safety station cistern, paving at a police station) or housing projects. Next steps: staff will prepare background analysis, audit current TIF spending, and bring draft amendments and options to a future council workshop and to the proposed TIF review committee.
