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Memorandum <br /> <br />To: <br />From: <br /> <br />Date: <br />Re: <br /> <br />Economic Development Authority <br /> <br />James E. Norman, City Administrator <br /> <br />Sean Sullivan, Tax Increment Financing Specialist <br />01/09/02 <br />Use of TIF Revenues <br /> <br />During the 2002 budget process, Councilmembers requested information <br />to the use of Tax Increment Financing (TIF) revenues. Staff was asked to <br />research TIF revenues and proportionately separate the amount spent to <br />developers distinguished from amounts spent on public projects. <br /> <br />An analysis of TIF Districts 6 and 2, was performed in September 2001. <br />Attached to this memo is a summary of the revenue expenditures for both <br />TIF Districts. <br /> <br />TIF District No. 6 <br /> <br /> TIF District No. 6 shows $5,648, 258, with 53.65 percent going toward <br />public expenses, while 46.35 percent is going toward developer costs. <br /> <br />TIF District No. 2 <br /> <br /> TIF District No. 2 shows total expenditures in the amount of <br />approximately $7,087,601, with 51.68 percent going toward public costs <br />and 48.32 percent toward development costs. <br /> <br />/jmt <br /> <br />Attachments <br /> <br /> <br />