The city’s streets could need $33 million in repairs over the next five years, but a key funding source for the work will dry up by the end of the decade.
That has city leaders considering options including increasing the sales tax to generate more revenue.
Of the $1.5 million the city plans to spend on streets this year, $1 million comes from the city’s two tax increment financing districts. TIF districts allow the city to divert property tax money into a special account that is used to rehabilitate blighted areas.
However, one of the city’s TIF districts expires in 2018, while the other will expire in 2020, meaning the only source of funding left will be the local gas tax.
The above account is incorrect and incomplete. Let me count the ways. Read the rest of this entry