In a moved deemed necessary for the development of Northgate, both residential and commercial, the City Council voted May 2nd to establish a TIF, tax increment financing, district for that part of Northeast Pocatello.
Council member Roger Bray was the only vote against the decision. “I’m not against this, but I don’t think it has been studied accurately,” Bray said. “It’s a huge footprint that we are looking at. We have one of the most successful TIF records in Idaho and I want to protect that. I just don’t feel like I have received the facts from the other side.”
The Northgate TIF district is set to include 1,800 acres of land and will pause property tax values on that land for general tax rolls at pre-development levels. Any surplus property taxes resulting from all development inside the district — referred to as an increment — will be diverted from the general tax rolls to an urban renewal Northgate TIF district fund and will be used for covering Northgate’s significant infrastructure costs.
Several days before the vote, Idaho Central Credit Union announced they have purchased a 1.58 acre lot in the Northeast corner of Northgate. ICCU says they have “no immediate plans to develop the ground”. This announcement could signal other large businesses in Eastern Idaho are looking to purchase land in Northgate.
Article taken from the Idaho State Journal