FAQs: Frequently Asked Questions
What is the "Public Financing Cap" and how much is the City considering increasing this cap?
The Public Financing Cap is a contractual limit on how much TIF and CID revenue the Developer can collect from the City to reimburse itself for eligible project costs.
No matter how much TIF revenue or CID revenue is created by those incentives, the Developer has agreed that it won't receive any additional incentive after it gets to this negotiated cap amount. After that, the City will then shut down the TIF and CID and quit collecting those incentive revenues.
In the prior agreement the Public Financing Cap was $22M and it was broken down as follows:
- $3.1M for the Club Phase Cap;
- $7,673,000 for the North Phase Cap; and
- $11,227,000 for the South Phase Cap.
The Amendment, if approved by the governing body, would increase the South Phase part of the cap by $6M.
It would not increase either the Club Phase Cap or the North Phase Cap – those cap amounts remain the same.
Accordingly, the overall Public Financing Cap would go from $22M to a total of $28M.