Earlier this year, the Council passed an ordinance that changed the way Metro handles tax increment financing in three key ways – Metro will get its property tax revenue back more quickly, Metro will have more say in what projects get tax increment financing, and there will be greater transparency to show us how our tax revenues are being used by MDHA.
The ordinance created an annual reporting requirement. MDHA now will provide annual reporting about each TIF loan, including the current loan balance, the estimated maturity date, the amount paid in the last year on the loan, the parcels whose tax revenues are pledged to support the loan, and the amount of tax increment funds received by MDHA from each of those parcels.
MDHA’s first report is out. I haven’t looked at it in detail yet — but it does show clearly, for every TIF loan, which parcels of real estate are supporting the loan. If it is online somewhere with Metro or MDHA, I don’t know where — so I am posting it.