Manhattan Commissioners were unanimously supportive of a proposed tax increment finance — or TIF — district in Aggieville after a discussion during their Tuesday work session.
Establishing a TIF district would allow the city to capture growth in property valuation — and subsequently, property taxes — over a 20 year period within a set boundary for public redevelopment purposes. The city would use the money captured by the district — estimated between $9.6 million and $11.6 million — for public improvements around Aggieville. The total costs of possible improvements around Aggieville are estimated to run between $23.3 million and $30 million, with the parking garage alone expected to cost between $9.5 million and $12.6 million.
The city has employed TIF districts in the past, namely around the Manhattan Town Center and in the Downtown area. According to Deputy City Manager Jason Hilgers, the Downtown TIF district has grown “significantly” — generating $1.6 million per year.
(Read more: 1350 KMAN)