On May 27, City Council approved a resolution declaring there was a surplus of $1 million in the Howard Hartrey Tax Increment Financing (TIF) District at the end of Fiscal Year 2013. This enables the City to distribute $1 million out of the TIF funds to tax bodies in their proportionate shares.
According to a memo prepared by Marty Lyons, assistant city manager and CFO, the $1 million will be distributed as follows: $210,000 to the City, $310,000 to School District 65; $271,000 to School District 202, and $148,000 to other taxing bodies.
Prior to FY 2011 the City entered into agreements with School Districts 65 and 202 to distribute a certain amount of TIF funds to them, and since that time it has declared a surplus of $1 million each year and distributed the surplus to the taxing bodies in proportionate shares. Going forward, the City is projecting that it will be able to declare and distribute a surplus of about $1 million at fiscal years ending 2014 and 2016, but not 2015.
A schedule prepared by Mr. Lyons shows that the City is budgeting a payment of $2.5 million to the Autobarn in fiscal year 2014. Mr. Lyon’s memo says that “economic development incentive” is currently under review.
The Autobarn plans to convert space behind the Target store on Howard Street into an automobile repair facility and storage space for automobiles.