EDA Agenda - 11/13/2024 (Workshop)AGENDA
WORKSHOP - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, November 13, 2024 — 4:45 p.m.
Academy Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Jon Morphew, Treasurer Hali Sittig,
011ie Koropchak-White, Rick Barger and Councilmembers Lloyd Hilgart and
Tracy Hinz
Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, Sarah
Rathlisberger, Tyler Bevier
1. Call to order
2. Roll Call
3. TIF District and Housing Aid Discussion
4. Economic Development Assistance Services Consulting Contract
5. Adjournment
City of Monticello
Tax Increment Financing Districts
Projected Available Year -End Cash Balances 1,2
Pooled TIF
Pooled TIF for Redevelopment Projects
Total Funds
TIF District
12/31/2023
allocated to Tax Increment
Block 52 Revenue
Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment Available
2024 Revenue 2025 Revenue 2026 Revenue 2027 Revenue 2028 Revenue 2029 Revenue 2030 Revenue 2031 12/31/2031
Pooled TIF
Pooled
TIF for Affordable
Housing
Projects
Total Funds
Rict
12/31/2023
allocated to
other projects'
Tax Increment
Revenue 2024
Tax
Revenue
Increment
2025
Tax Increment
Revenue 2026
ax Increment
levenue
2027
Tax Increment
Revenue
2028
Tax Increment
Revenue 2029
Tax Increment
Revenue
Tax Increment
2030 Revenue 2031
Available
12/31/2031
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Notes:
1. The facts for each individual TIF district should be reviewed and confirmed before spending of funds.
2. Available funds must be spent within the boundaries of Redevelopment Project No. 1 or pursuant to the TIF law and any temporary laws that may apply.
3. The funds for TIF 1-6 are shown here as available for "Redevelopment Projects". The funds are also available to pay for housing or economic development
project costs, should the EDA so determine. Future increment revenue is repayment of interfund loan to TIF 1-41 UMC.
4. The balances do not include funds that may be available if land held for resale is sold.
5. Affordable Housing districts can continue collecting increment after all obligations are satisfied and until the required decertification date as long as the property continues to submit
paperwork showing afforable housing requirements are met.
6. TIF district still has active obligations so no funds are considered "pooled" for purposes of this report.
7. Pooled Affordable Housing TIF was used in 2022 to pay down the Purchase Price Notes for Headwaters districts 1-42 and 1-43. $127,246 remains outstanding on those notes, and staff
will bring an item to the December 11, 2024 EDA meeting for approval to pay off the remaining balance.