HomeMy WebLinkAbout[04e] TIF Reports
4(e)
Council Agenda Item
MEETING DATE:
June 6, 2013
AGENDA ITEM:
2012 TIF Reports
SUBMITTED BY:
Finance
PREVIOUS COUNCIL/BOARD ACTION:
Council approved the creation of the TIF Districts below.
nnually the City is required to submit TIF reports to the State
BACKGROUND INFORMATION:
A
Auditor for each certified TIF District within the City. State Statute requires filing the reports by August
st
1 of each year. For 2012 there are three certified districts –St. Joseph Development (TIF 1-4),
Millstream Shops & Lofts (TIF 2-1), and St. Joseph Meat Market (TIF 2-2).
The 2012 TIF reports provide information as to the type of TIF district and duration of the district,
amount of captured increment, and expenditures against the increments. The reports included are an
Economic District with a duration of 9 years (St. Joseph Development-Vic West and St. Joseph Meat
Market) and a Redevelopment District with a duration of 26 years (Millstream Shops and Lofts).
All Districts were set up on a Pay-As-You-Go financing plan, meaning the developers accept the risk of
the actual amount of increments received to pay down the debt. The spending plans of the Districts,
along with their actual costs, are presented in the reports. The increments received are within the range
of what was expected to be received. The 10% (5% Meat Market) administrative fee withheld from the
increment is covering the admin costs of the Districts.
Upon approval by the Council, a summary disclosure of the 2012 reports for each District will be
published in the St. Joseph Newsleader and the reports will be submitted to the State Auditor.
BUDGET/FISCAL IMPACT:
Year-end Summary Only
ATTACHMENTS:
Request for Council Action
TIF District 1-4 (Vic West/Fabral)
TIF District 2-1 (Millstream Shops and Lofts)
TIF District 2-2 (Meat Market)
REQUESTED COUNCIL ACTION:
Accept the 2012 TIF reports as presented.
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