The resolution establishes the boundaries for the district and sets up a special fund to deposit the incremental property tax revenues. The TIF District revenues would provide funds for the purpose of the development, redevelopment, revitalization and renovation of the development district. The funds could be used to pay debt service on bonds issued for infrastructure improvements at Kent Narrows, primarily water and sewer service. These improvements would enhance the value of properties within the district and support several development projects at Kent Narrows, which could provide new hotel, residential, and commercial development. The county could issue bonds to support the improvements.
Approval of the resolution establishes a baseline for the assessable base within the district as of the year preceding the effective date of the resolution (January l, 2018). Henceforth, any incremental property tax revenue within the district will be deposited into the special fund.
“This resolution essentially creates the mechanism for collecting the incremental tax revenue going forward,” said Finance Director Jonathan Seeman. “It does not commit the county or any developer to any further action. It simply provides a framework for future legislative authorizations particularly regarding the issuance of tax increment revenue bonds. In order to issue bonds for the TIF District, authorizing legislation would require approval by the county commissioners.”