The city's Department of Community Planning and Economic Development wants some changes in the state's tax-increment financing law, but so far it's silent on why.
The city's proposed legislative program has a proposal from the department to revamp how state tax-increment law is applied to the Upper Harbor Terminal. That's the 48-acre area of the upper riverfront where bulk commodities have been shipped and unloaded. That terminal closes at the end of the year. The riverfront development plan calls for the area to then become a business park.
Tax-increment financing allows cities to devote the increased taxes reaped from a development to be devoted to paying off the costs of certain eligible public improvements.
"Tax increment finance is expected to be an important tool to support these investments," according to the agenda for the City Council Intergovernmental Relations Committee. "Special legislation to revise how the TIF statute applies to this project will allow this tool to be used in a more coordinated and effective manner."
But when asked to elaborate on why the change is sought, a city spokesman said it wouldn't make the relevant CPED employee available until after the committee meets. That's despite the city's stated goal of transparency as one of its adopted values.
