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Official: small Croft Trailer parcel inside TIF boundary will not affect Marketplace redevelopment
Summary
City bond counsel Megan Miller told the Board a small triangular parcel of the Croft Trailer property lies inside the TIF but the pending sale is not expected to affect the TIF or CID because no development is planned on that parcel.
Megan Miller of Gilmore & Bell informed the Board that she had been contacted about a sale involving Croft Trailer and that a small triangular portion of that property lies within the Marketplace TIF area. She said, "the transaction is not expected to affect the TIF or CID since no development is planned for the property."
Miller’s explanation included a reminder of which sales taxes are captured by the TIF: Parks and Recreation and Stormwater and Public Safety sales taxes approved after the TIF was established are not captured, while the one‑cent sales tax and the transportation sales tax are captured. The Board did not take action on the parcel sale during the work session.
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