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Staff explains HTRC sequencing: state-trigger runs before urban-renewal increment
Summary
Staff said HTRC increment is separate and runs sequentially ahead of the city's urban renewal increment; HTRC triggering is expected in a couple of years and may affect the city's taxable base when it begins to collect.
Staff explained that HTRC-area increment is separate from the city's urban-renewal increment and that the state-side HTRC program is scheduled to run before the urban-renewal increment in that same geographic area. Josh said the HTRC area will be triggered in a future year and that, when it runs, the HTRC increment will reduce the city's taxable base for the duration of the HTRC period.
Josh cautioned that the sequencing matters because HTRC-triggered value (as reported in staff materials) would be deducted from the city's taxable base when activated, which could create short-term upward pressure on tax rates if new growth had already been added to the general fund. He encouraged triggering eligible urban-renewal parcels now where appropriate to help offset future impacts. "The HTRC increment is more of a state function... but there's a role to play for the RDA board," Josh said. No formal decision on sequencing was made at this meeting.
