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07-24-2019 Council Packet
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07-24-2019 Council Packet
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7/28/2021 2:34:18 PM
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<br />NEXT STEPS FOR FINAL CLOSE OUT OF TIF 3 -2: <br />It is anticipated that the final close out documents with the developer will be presented to the <br />Council in August. Once these documents are executed, the final developer payment will be <br />paid to the developer. <br /> <br />Excess increment will continue to be calculated and returned to the County. The current excess <br />increment to be returned is approximately $303,000. Once the County receives the excess <br />increment, the County will allocate this revenue back to the County, School District, and City as <br />an excess increment payment. A preliminary estimate of the City’s portion of this payment is <br />$140,000. It ha s been the City’s past practice to record these funds in the General Capital <br />Improvements Fund (400). <br />
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