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.