Jory Tax Increment Finance (TIF) District
The Jory TIF District adopted in 2020 is a single lot TIF District created to incentivize affordable housing by providing a partial property tax rebate to the property owner. The Urban Renewal Agency will rebate the property tax paid by the property owner in exchange for affordable housing units within the development.
There are two planned activities in the TIF District Plan. First, a property tax rebate to the property owner of up to 97 percent of the property taxes collected by the Jory Apartments TIF District. The second activity identified in the Plan is the City's administration of the program using the remaining three percent of the taxes received.
Key projects were determined when the urban renewal district was established. Project plans are subject to change at the direction of the Urban Renewal Agency.
Assessed value at creation: $0
Current assessed value: TBD: Project is in construction.
Return on investment: TBD: Data not yet available
Maximum indebtedness: $20,725,125
Project: Jory Apartments