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Council hears plan to boost CBD TIF special‑projects line for Pickering Park opening
Summary
Staff told council the Central Business District TIF is projected to move from $1.8M to $2.6M next year and that the CBD TIF special‑projects line rose from $50,000 to $300,000 to support Pickering Park opening events; Molly Ballesteros said an opening event was tentatively estimated at about $30,000.
City staff briefed the council on TIF (tax increment financing) district finances and proposed uses for special‑project funds. The Central Business District (CBD) TIF's budgeted revenue rose from $1,800,000 to $2,600,000 in the next fiscal year, driven by increases in the increment; staff said they plan to use $688,000 in reserves to balance the CBD TIF for the upcoming year.
Molly Ballesteros, a business‑development staffer, explained the CBD TIF special‑projects line increased from $50,000 to $300,000 and that part of the funds were intended to support Pickering Park opening events. She said an opening event estimate was “I think, dollars 30,000” but noted the project is not yet finished and the TIF board had not finalized allocations.
