A resolution accepting the FY 2024-2025 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Sixteen (Davis Garden TIF District or District) and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District and to the State Comptroller, as required by state law - Financing: No cost consideration to the City *In alignment with Economic Development Incentive Policy.

Summary

This resolution formally accepts the FY 2024-2025 Annual Report for the Davis Garden TIF District (Reinvestment Zone Number Sixteen). It also authorizes the City Manager to submit this report to the chief executive officers of all taxing jurisdictions that levy property taxes within the district, as well as to the State Comptroller, as mandated by state law. The report details the financial status and activities of the TIF district for the period ending September 30, 2025. The TIF district's mission is to fund public investments to enhance the real estate market in the Davis Garden area, promoting redevelopment and a mix of housing and commercial spaces. The report indicates a significant increase in the taxable value within the district since its inception, leading to incremental revenue collection.

Citizen Impact

This is a routine administrative report required by state law. It does not involve any new costs or direct changes for residents, but it documents the financial activity and progress of the Davis Garden TIF District, which aims to stimulate economic development in the area.

Confidence

high