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2020.02.05 EDC Packet
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2020.02.05 EDC Packet
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<br /> <br /> <br />REQUEST FOR COMMISISON CONSIDERATION <br /> <br />ITEM DESCRIPTION: Tax Increment Financing (TIF) Districts Status Report <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br /> <br />Recommendations: No action requested <br /> <br />History: For the past 40+ years, the City of New Brighton has successfully utilized <br />Tax Increment Financing as a mechanism to make improvements to areas <br />of the community that otherwise would not be redeveloped. To date, <br />thirty-four (34) different TIF districts have been established (22 of which <br />have since decertified to the benefit of all taxing authorities). <br /> In late 2019, New Brighton switched to Baker Tilly for financial consulting <br />purposes. This will be Baker Tilly’s first snapshot analysis of the City’s TIF <br />Districts. <br /> <br />Financial Impact: Significant. The City’s TIF districts that are still in effect have seen <br />significant increases in value since their inception. Baker Tilly <br />representatives will walk the Commission through the present status of <br />currently open districts as part of the upcoming meeting. <br /> <br />Summary: Baker Tilly will provide the latest and greatest data on the status of current <br />TIF districts in the City. <br /> The draft “Summary of TIF Districts” report is provided in the packet for <br />your review. <br /> <br />Attachments: A) General Map of New Brighton TIF Districts <br />B) Summary of TIF Districts (Draft for Review) Baker Tilly Report – Jan 2020 <br /> <br /> <br /> <br />Agenda Section: VI <br />Item: 1 <br />Report Date: 01/30/20 <br /> Commission Meeting Date: 02/05/20
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