Go To Search
Economic Development
Tax Increment Financing District
Over the past several years, the city council has made it a priority for the administration to concentrate efforts on the re-development of the city's Central Business District (CBD) in order to improve the city's local economy and help increase the tax base for the schools and the city. As part of this effort, city council has approved legislation which would allow the creation of a Tax Increment Financing (TIF) District. The TIF allows a portion of the property taxes from any new development to be used for public improvements in the project area.

The City Council will be working with the schools to make certain they receive some additional revenue from the development while still providing an adequate and suitable incentive for re-development of the CBD. TIF's are being used all over the country to provide incentives for development. TIF's should not be confused as a tax abatement for the development. The new development will pay the assessed amount for property taxes except that some of the property tax revenue is placed into a fund from which public improvements, utility work, road work, and parking facilities are funded.

In all cases, the local school district receive a majority of the property tax revenue (up to 75%) for their operations. In no scenario does the district lose tax revenue; they just would not receive as much if the TIF were not in place. The philosophy is that if the development were to never happen, then the school district would receive nothing additional. With the incentive of the TIF in place, the schools do see some additional revenue for a period of time and then will eventually receive all of the new revenue once the improvements have been paid.

Adoption of Central Business District Regulations
As well, the city council completed their review of the city's Central Business District Regulations and has adopted these new regulations at their October 9, 2006 meeting. The new regulations allow for amended building setbacks, modified sign regulations, and most importantly, the development of higher density residential uses in the CBD.

The new trend in CBD development is to incorporate residential uses amongst the businesses to build a pedestrian market for the local businesses and to increase the overall market base for the CBD. The new regulations were modified from the existing CBD regulations approved in 1989 and based upon the CBD Master Plan of 1986. The city council is also revisiting the CBD Master Plan to make whatever modifications are necessary to help improve the CBD.