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Commission discusses TIF 1 revenues, abatements and the effect on the new TIF 3 area
Summary
Members discussed last year's TIF 1 receipts, tax appeals that could affect future collections, and that only one abatement remains tied to TIF 1; they noted a recent 50% payment structure for a new abatement will affect TIF 3.
Commission members discussed the practical revenue implications of the transition from the expired TIF 1 to the proposed TIF 3. Staff member (S5) said they can provide figures for what TIF 1 brought in last year and noted that tax appeals and remaining abatements could change future receipts.
Staff explained the timing of receipts, noting payments typically arrive in June and December, and that appeals make future amounts uncertain. Staff also said the new abatement recently granted will technically affect TIF 3 and that most of the earlier abatements tied to TIF 1 have ended, leaving one remaining abatement tied to a conference center project.
