[RP TownTalk] Cafritz/TIF

[Alan K. Thompson]

Joe,

TIF bonds have a payment schedule, just like general obligation bonds (or a
mortgage).  In a given year, we have to dedicate *up to* 100 % of the
revenue until we make the payment.  Any revenue collected above the payment
can be spent on whatever her own wants to spend it on.

What I was trying to say at the council meeting was that we couldn't change
that "up to 100 %" limit to be "up to 75 %" ( or any other percentage)
because the state law that controls TIFs won't let us.

See you Saturday!

Alan

On Friday, May 10, 2013, Joe Kelly wrote:

> Jon:
>
> I think my confusion stems from the town meting when the TIF was
> established. There, I asked if it would be possible to NOT dedicate all
> additional revenues to the TIF, hoping to allow the town to see some
> revenue from the outset of this project. I was told in no uncertain
> terms, "No, it's got to be 100%" Ask CM Thompson. I just assumed 100%
> meant "all" or ""entire."
>
> As far as "collect the delta" goes, that's Greek to me. Over to you,
> Lou, for more clarification.
>
> For all other parties in Towntalk land, interested and not, come on by
> town hall this Saturday at 10 am to get the latest take on where the
> town stands on the project. Ask questions! Ask more if you want! No
> reason to be uncertain.
>
> JK
>
> --
>   Joe Kelly
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>
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