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Council ends Kerchhoff Road/Owl Drive TIF district and dissolves special tax increment
Summary
By unanimous vote the council adopted Ordinance 25-59 to terminate the Kerchhoff Road/Owl Drive redevelopment TIF and dissolve its special tax increment; staff had requested waiver of the first reading so the ordinance could be approved tonight.
The council adopted Ordinance 25-59 to terminate the designation of the Kerchhoff Road–Owl Drive redevelopment project area as a tax increment financing (TIF) project area and to dissolve the special tax increment associated with that district.
Staff requested a waiver of the first reading so the council could consider the ordinance immediately; following motion and second, the clerk called the roll and the chair announced "With 7 in favor and none opposed, this ordinance will be moved forward for 2nd reading" and later "With 7 in favor and none opposed, this ordinance is adopted." No conditions or implementation steps were detailed in the transcript; staff will need to follow statutory steps for TIF termination and notify affected taxing bodies.
The transcript references the Kerchhoff Road/Owl Drive redevelopment area and the council's intention to dissolve the special tax increment; details on the fiscal impact, timing for distribution of funds or the practical steps for winding down the TIF were not read into the public record during this meeting.
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