RESOLUTION NO. 250040
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Sponsor(s): Councilmembers Andrea Bough and Johnathan Duncan
RESOLUTION - Directing the City Manager to develop a policy surrounding the use of surplus tax increment financing (TIF) revenue available from terminated or expired TIF redevelopment project areas; and directing the City Manager to report back to Council within sixty (60) days.
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WHEREAS, pursuant to the TIF Act, up to 50% of incremental Economic Activity Taxes (TIF EATs) and 100% of Payments in Lieu of Taxes (TIF PILOTs) (TIF Revenues) can be collected to be used to reimburse certified redevelopment project costs; and
WHEREAS, the TIF Revenues can be collected for up to 23 years after the adoption of an ordinance approving TIF for a redevelopment project area; and
WHEREAS, tax increment financing for a redevelopment project area may also be terminated at such time when all reimbursable project costs have been reimbursed; and
WHEREAS, at such time that a redevelopment project area is either expired or terminated, the redevelopment project area may have remaining funds within the Special Allocation Fund which shall be surplused and returned to the taxing districts; and
WHEREAS, pursuant to Second Committee Substitute for Ordinance No. 160383, As Amended, PILOTs distributed to and retained by the City shall be deposited into the Shared Success Fund, unless otherwise budgeted, or subject to the remaining limitations included in Section 15 therein; and
WHEREAS, Ordinance No. 240323, As Amended, authorized a contract with Angelou Economics for the creation of a comprehensive economic development policy and strategic plan and Ordinance No. 240696 expressed the intent of the City Council to incorporate equitable economic development strategies in the comprehensive economic development policy; and
WHEREAS, the City has a suite of financial policies codified in Chapter 2, Article XIV, Code of Ordinances, which offer policy direction to staff and the City Cou...
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