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Redevelopment commission reports $1.24M cash balance, expects $4.5M in June
Summary
Clerk Treasurer reported a current cash balance of $1,244,513 and told commissioners the TIF district typically yields roughly $4.5 million in property tax revenues every six months, with significant bond lease payments scheduled.
The Clerk Treasurer reported the commission's cash position and near-term revenue outlook, saying the current cash balance "is $1,244,513" and that the commission typically "expect[s] roughly 4,500,000 in June" from property tax receipts tied to the tax increment finance (TIF) district. He cautioned commissioners that biannual bond lease payments will reduce available free cash flow.
Officials described upcoming debt obligations and routine reimbursements: bond-lease payments of roughly $2.5 million to $3,000,000 occur every six months, and some expenditures are expected to be reimbursed by grants. Staff said they expect additional free cash flow of roughly $1.5 to $2,000,000 after the June revenue cycle.
