DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1, 2, and 5
SUBJECT:
An Ordinance authorizing an adjustment in Administrative Fees for the Inner City TIRZ and the Midtown TIRZ, payable beginning in Tax Year 2015.
SUMMARY:
City Council is being asked to consider an ordinance authorizing an adjustment in Administrative Fees for the Inner City TIRZ and the Midtown TIRZ, payable beginning in Tax Year 2015 from the respective TIRZ accounts.
BACKGROUND INFORMATION:
On May 14, 2015, City Council approved Ordinance 2015-05-14-0419 amending the 2008 Tax Increment Financing Program Policy for all newly established TIRZ. The revised policy adjusted the administrative fee structure for all newly created TIRZ and allowed for renegotiation of TIRZ administrative fees for existing TIRZ.
On August 14, 2015, Staff from the Department of Planning and Community Development provided a presentation on the proposed adjustment of the annual administrative fees for the Inner City Tax Increment Reinvestment Zone from $10,000 per year to $120,000 per year. The Board approved the adjustment in annual administrative fees.
On November 17, 2015, Staff from the Department of Planning and Community Development, gave a presentation regarding the proposed adjustment of the annual Administrative Fees for the Midtown Tax Increment Reinvestment Zone from the lesser of 10% of projected annual receivables or $50,000 to $120,000 annually. The Board approved the adjustment in annual administrative fees.
On February 9, 2016, the TIF Governance Committee was provided an update on Administrative Fee Adjustments. Staff from the Planning and Community Development provided the update. It was reported that six of eight City Initiated TIRZ have been updated or abide by current policy in relation to their administrative fee adjustments. Currently, TIRZ #11 - Inner City and TIRZ #31 - Midtown are seeking ...
Click here for full text