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Council approves TIF financing amendment and moves forward with bond sales to fund projects
Summary
Council approved a TIF financing plan amendment and related revenue bond sales that reallocate roughly $283.7 million to projects and authorized selling tax increment bonds and certificates to fund parks, land purchases and capital projects; bond sale proceeds and ratings were discussed during the presentation.
The council approved a second and final reading of an ordinance amending the Tax Increment Financing (TIF) Reinvestment Zone No. 1 financing and project plans to reallocate revenues and align projects for 2026–2062. Staff said the amendment updates FY26 increment revenues and reallocates roughly $283.7 million to projects; the change also supports a revenue bond issuance in the $123–125 million range to fund a list of TIF projects.
Dan Wegmiller (Specialized Public Finance) described the market reaction and ratings: Moody's assigned BAA2 to the TIRZ revenue bonds and S&P affirmed a double‑A rating on other city debt, and the bond sale attracted strong investor interest. "In their rating, they assigned and affirmed the double a rating," Wegmiller said; staff recommended and council unanimously approved the ordinance.
