2004 - Laserfiche WebLink

Home Browse Search

Redevelopment Commission, if they thought a school project was viable and served the TIF area, the Redevelopment Commission could decide to amend the plan for the project. The school officials said they did need to purchase property for a transportation facility and maybe the commission could help with this pro. ject. Chairman Kollmeyer said Troy Bryant's proposal was to take out part of the TIF 1 area and with discussion with Lauren and Jason there was no value for the school to take those areas out of TIF. The other thing we talked about was come July we have t say how much of the assessed value is going to pass thru or retain it all, up to now all that money has been captured. We discussed with Kurt and Mike if we decide to pass thru some money what they would not want an amount this year and another amount the next year, they would have to know a constant amount for each year. Lauren said they discussed a variety of needs and it was up to the Redevelopment Commission and the Town to set the policy. The highest priority was economic development. The school did not want all Redevelopment money spent to upgrade the sewer, because all the upgrade needed wasn't due to economic development and really it probably would be illegal to spend all the redevelopment money to do a sewer project because you could not say it was for serving all the TIF area. You could maybe justify a portion of the sewer upgrade. Chairman Kollmeyer said the school said it would be better for them if the commission amended the plan and could help them with purchase of some land at some point for transportation because of the way the state funds the general fund and right now in the plan the commission does not have the ability to buy land. Councilman Warthen asked what the tax base was on TIF I and Lauren answered 42 million dollars, in both districts 78 million dollars and it is going down next year because there was an area in the TIF that was not supposed to be so in 2004 will be 71 million dollars. Tom Warthen asked if anyone had broken out the economic projects in TIF 1 like Nice Pak, Woods Wire, etc. Lauren said on the last report there was a page 2 where the largest contributors to the increment were broken out. Helen Humes said Kurt Freeman made the statement that by having TIF areas and funds there was a greater impact on the school than on any of the other taxing units. Lauren said they looked at the rate and by passing thru 35 million dollars there would be a 5-cent reduction in tax rate for the Town and 2 cent reduction in the tax rate for the school assuming the situation as it is now. So really the Town benefits more from a pass thru than any other entity. On the other hand the Town can't do a lot of capital projects on a budget levy but could use redevelopment money for Town improvements. Chairman Kollmeyer asked Randy Haymaker to give the plans original purpose again. He also asked Helen to look and talk about possible changes to TIF I and TIF 2 boundaries. The property needs to be in the town limits in order to be added to the areas. Helen Humes told the commission taking part of the old part of Town out but did not think it would make any difference one way or the other if we took out predominately residential area. She showed on the map to extend TIF down to the industrial area and the comprehensive plan that is going thru the process of being updated currently