Capital and Economic Development Projects

Overview

• Established by the City on December 6, 1999 pursuant to Ordinance No. 14366
  • TIF will terminate December 5, 2022
• Project consisted of an approximately 320-acre tract of land, which was subdivided to provide for the development of 143 residential lots, a public golf course and certain public improvements
• The public improvements portion of the project have been completed and the golf course opened in 2002
• City entered into a Redevelopment Agreement on March 1, 2000 with Golf Strategies, LLC; Redevelopment Agreement has been amended at various times
  • Provides that the maximum reimbursement to Developer is $92,974,000

Revenue Sources

• PILOTs: 100% of the incremental increase in property tax revenues resulting from the annual increase in property valuations over the base property valuation certified at project approval.
• EATs: 50% of the incremental increase in local eligible sales tax revenues (City, County, Zoo) over the base sales levels in the year before TIF collection was activated ($0).

Outstanding Economic Development Bonds for Drumm Farm: