What: proposed Tax Increment Financing District 5 (Midtown to I-65 corridor, covering commercial areas and housing in places such as Trinity Gardens) and District 7 (South Riverfront, including Pinto Island and the waterfront south of the new bridge).
Where it stands: On October 6 the Council introduced the resolutions calling public hearings for October 27 and laid them over one week. The Mayor said the state raised the cap on property in TIF districts from 10% to 50%, that millage rates would not rise, and that the project plans must return to the Council for a vote.
Next: public hearings October 27; the Mayor asked for urgency so values can be locked in before reassessment. See also Tax Increment Financing District 3.
Resolutions 50-1089, 50-1090, 50-1117 and 50-1118 on the agenda; public hearings are called for December 1 on District 5 (Midtown and I-65, 41-1092) and District 7 (South Riverfront, 41-1093). Res. 50-1223 authorizes the Mayor to prepare draft TIF project plans.
The Mayor explained TIFs using the downtown district as the example and said these would be larger and include housing and infrastructure. Members voiced support; consent was not available because one member wanted more time, so the calls for hearing were laid over. A West Mobile district was raised as a future need.
The calls for hearing were laid over one week so their timing matches the related resolutions. Josh Woods said a Tillmans Corner district is being reworked and hoped to bring it next week.