The Metro Tax Increment Financing Study and Formulating Committee released its report last week. The TIF committee will give a presentation about the report in the Council Chamber on May 20 at 3PM. I hope you can be there.
There are now four pieces of legislation to implement the committee’s recommendations. The four bills are:
BL2019-1645: This bill would amend the TIF provisions of 8 existing redevelopment plans. The key amendments would be: (1) a new requirement to have a periodic (every 7 to 10 years) reassessment by MDHA and the Metro Council of the impact and goals for TIF loan investments in each redevelopment area; (2) new language that would let the Council initiate TIF plan amendments in the future; and (3) a new requirement that the standard amount of tax increment to be used on new loans will be 75%. First reading is on May 21, with a public hearing and second reading on July 2.
BL2019-1630: This bill would create certain requirements for any new or amended TIF districts passed in the future. The requirements would match the changes to existing TIF plans made in BL2019-1645. This is to make sure that the terms of any future new TIF districts will match the changes we make to existing districts now.
BL2019-1644: This bill creates two reporting deadlines. MDHA, Metro Finance, and the Mayor’s Office would have to let the Council know by Oct. 31, 2019 which agencies or departments will be assigned to implement the committee’s recommendations. And by Dec. 15, 2020, they would need to report on the status of implementing the recommendations. First reading is on May 21. Second reading is anticipated to be June 4.
BL2019-1613: This bill is mostly administrative. The committee recommended two minor initial changes in MDHA’s annual TIF reporting. This bill would change the due date for MDHA’s annual report, and require the report to include MDHA’s goals and results for DBE contractor participation on projects with TIF loans. This is set for 2nd reading on May 21.
I will provide updates as these bills move forward.