FAQs: Frequently Asked Questions

Would the City be in any financial risk if a second TIF is approved?

A second TIF is not being considered.   The City is only being asked to approve a new TIF Plan for an existing Project Area (the South Phase) which would – as discussed above – give the Developer a fresh 20-year TIF Clock for the South Phase.

The City would also agree to increase the amount of TIF revenues that the developer could receive by increasing the Public Incentive Cap from $22M to $28M, but the City would simultaneously cap the amount of that money that could come from incremental property tax TIF at $19,534,921.

As with the previous TIF project plan, the City bears no financial risk.  If bonds are issued on the project, the City bears no financial obligation for the payment of the bonds.