You describe the table of potential revenues as “the money the EIFD based on the proposed map would generate. Assume $3.6 MM in property tax revenue for the city overall. Then assume the described 2% increase annually of $72,000. 25% of that is $18,000. This is for the whole city. If the EIFD is 24% of the city then presumably the property tax base the increase is calculated on is much less. No way you get to $21,923 in the chart above. Now maybe the calculation is different than described. Maybe the really high value properties are in the proposed corridor. Maybe the table was just to illustrate how money grows. I would say compounds but in this chart it is just additive each year. I support the City Manager request to do the full financial analysis before moving ahead. We shall see what happens with the new city council.
You describe the table of potential revenues as “the money the EIFD based on the proposed map would generate. Assume $3.6 MM in property tax revenue for the city overall. Then assume the described 2% increase annually of $72,000. 25% of that is $18,000. This is for the whole city. If the EIFD is 24% of the city then presumably the property tax base the increase is calculated on is much less. No way you get to $21,923 in the chart above. Now maybe the calculation is different than described. Maybe the really high value properties are in the proposed corridor. Maybe the table was just to illustrate how money grows. I would say compounds but in this chart it is just additive each year. I support the City Manager request to do the full financial analysis before moving ahead. We shall see what happens with the new city council.