The Jory Tax Increment Financing (TIF) District was adopted in 2020. It is a single lot TIF District created to encourage the development of affordable housing. It does this 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.

Planned Activities in the TIF District

There are two planned activities in the TIF District Plan.

1. Property Tax Rebate: The property owner can receive a rebate of up to 97 percent of the property taxes collected by the Jory Apartments TIF District.

2. Program Administration: The City will use the remaining three percent of the taxes received to administer the program.

Project Plans

When the urban renewal district was first established, key projects were determined. Project plans are subject to change at the direction of the Urban Renewal Agency.

Overview

• Assessed value at creation: $0
• 2023 assessed value:  $34,707,188
• Maximum indebtedness: $20,725,125
• Completed project: Jory Apartments

Plan Documents

• Jory Urban Renewal Plan and Report

Current Projects

• Jory Apartments