Tax increment financing, also known as TIF, is on the agenda for the Washington City Council three times this evening, including as part of a new residential development.

There will be discussion to consider the Fiscal Year 2025 Annual Urban Renewal Report and a discussion of a resolution obligating and appropriating urban renewal TIF for the repayment of eligible debts for fiscal year 2026. 

The council will also hold discussion on a resolution for a development agreement with DW Developments, LLC. If approved, this would authorize annual appropriation tax increment payments and pledge certain tax increment revenues to the payment of the agreement. The development is the Havel Subdivision that has 24 platted residential lots near 13th Street and 5th Avenue. The agreement outlines the removal of blighted conditions from the site, East 13th Street improvements to be completed by the city, an infrastructure project to be completed by the developer, and a repayment order related to the blighted conditions. According to the proposed resolution, “under the Agreement, the City would provide financial incentives to the Developer in the form of annual appropriation incremental property tax payments in an aggregate amount not to exceed $800,000.”

Also on the agenda is discussion of the FY25 Annual Financial Report (AFR). 

The meeting is set to begin at 6 p.m. in Washington City Hall.