Staff reports only 3% overlap between EDA area and TIF allocation area
Summary
An analysis prepared at a commissioner request showed only about 3% of the EDA area lies within the TIF allocation area; staff said they also tracked a large number of tax-exempt properties and offered a spreadsheet of assessed values for review.
Staff reported on an analysis requested by a commissioner to compare the Economic Development Area (EDA) and the TIF allocation area. The staff speaker said, "it looks like there's only 3% of the total EDA... that's actually in the allocation area," and noted the finding provides a baseline for potential boundary adjustments. The speaker also said they compiled a spreadsheet showing the number and assessed value of tax-exempt parcels missing from the allocation base.
Commissioners asked legal counsel to prepare a timeline for any EDA/TIF boundary revisions; Adam said he would prepare a timetable for legislative action so the commission could meet any statutory deadlines. Staff suggested revisiting the EDA/TIF updates near year end to align with development activity on vacant parcels.
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