Check this out (p. 98). The Joint Review Board recommended that the City of DeKalb approve the TIF redistricting plan subject to termination of the County Home redevelopment project area portion. A city manager’s memo summarizes the goings-on (p. 96).
[T]he School District advised that they had a concern about the affect the addition of the 5th Ward North area would have on the EAV as it related to commitments made by the School District during the referendum process. The School District estimated the addition would capture approximately $25,000 annually in property tax growth to the District. In response to the concern, at the third and final meeting of the JRB, the City Manager offered to commit to the termination of the DeKalb County Nursing Home TIF Redevelopment Project Area upon final payment of outstanding obligations associated with said Project Area, which is scheduled to occur in July 2009. Closing out the DeKalb County Nursing Home TIF District would result in approximately $180,000 in annual property taxes back to the School District, as well as increased shares of property taxes to the remaining taxing districts based on the area’s current EAV. The 12 year Central Area TIF extension received a unanimous positive recommendation by JRB members present. Further, the exchange of the addition of the 5th Ward North area for the termination of the DeKalb County Nursing Home TIF Redevelopment Project Area in 2009 received a positive recommendation on a voice vote of 6-1, with the School District voting against.
Besides the mystery of the school district’s nay vote, how does the city plan to make up the net loss?