Tax Increment Financing 5-Year Review

This presentation is for informational purposes only on the 5 year update on the Tax Increment Financing plans for Hartman Heritage Park and Marketplace.

Staff will present the 5 year update on 2 TIFs – Hartman Heritage Park and Marketplace.

After the approval and commencement of a Tax Increment Financing Project, the City is required to review the progress of projects on a five-year rolling calendar.  The TIF projects under review this year are:  Hartman Heritage Park and Marketplace. 

Both TIF Plans were approved for a period of 23 years with the TIF capturing 50% of the Economic Activity Taxes (EATS) and 100% of the Payment in Lieu of Taxes (PILOTS).  The Hartman Heritage Park TIF was approved in 1998 and will be closed.  Marketplace was approved in 2016 and this is the first 5-year review.

After the 5 year TIF presentation, a public hearing is scheduled for the City Council meeting on Tuesday, September 7th.