CLOSINGS: View Closings

Rochester City Council discusses TIFS

The Committee of the Whole meeting was held on Monday night.

Posted: Aug. 27, 2018 11:10 PM

ROCHESTER, Minn.- 

The Rochester Committee of the Whole is taking steps to be sure tax incrument financing, or TIFS,  are being used the right way.

Put simply a TIF is where increased property taxes from a new development are captured and are then used to help pay for public infastructure, affordable housing, or other things...a rochester city administrator compares it to a tax rebate.

On Monday evening's meeting, Rochester Committee of the Whole members discussed certain projects in the area that qualify for TIFS. They also decided there needs to be more regulations in place when it comes to how to spend that money...especially as DMC projects bring in more TIF money.

An assistant city administrator Terry Spaeth explains the increase shouldn't affect you as a taxpayer.

"Really what this boils down to is its almost like a tax rebate but what it means is that its tax capacity that isnt available to spread costs over for the city."

Article Comments

Mason City
Broken Clouds
65° wxIcon
Hi: 63° Lo: 39°
Feels Like: 65°
Albert Lea
Broken Clouds
54° wxIcon
Hi: 54° Lo: 38°
Feels Like: 54°
Austin
57° wxIcon
Hi: 60° Lo: 41°
Feels Like: 57°
Charles City
Scattered Clouds
64° wxIcon
Hi: 66° Lo: 41°
Feels Like: 64°
Rochester
Broken Clouds
51° wxIcon
Hi: 57° Lo: 38°
Feels Like: 51°
Tracking a rainy start but sunshine will return!
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Tracking A Few Dry Spots Before More Rain

Image

My Money: Tips to help kids save money

Image

Dr. Oz - Do you have acid reflux?

Image

Tracking a Great Start Turning into a Soggy Evening

Image

Mason City grad Sydney Eaton named All-MVC

Image

Construction on 18th Ave NW resumes Monday

Image

Drake Relays qualifiers announced

Image

App allows you to solve mysteries

Image

Church attendance strong on Easter

Image

Two hospitalized after Austin shooting

Community Events