TIF Commission to meet for second time

The Tax Increment Financing Commission is scheduled to have its second meeting at 6 p.m. Tuesday at City Hall.

The agenda includes continued review of the proposed redevelopment plan for the TIF district, which includes the Katy Depot, downtown, the former Sutherlands property on East Broadway Boulevard and the shopping center in the 700 block of East Broadway, where Woods Supermarket recently relocated.

Under a TIF district, the city can freeze assessed property values for up to 23 years. When property taxes increase during that time, as a result of higher property values due to increased development, that money is put into a special account managed by the city to use for public improvements in the area. Half of new sales taxes generated in the district are also set aside for redevelopment. Developers within the TIF district can also apply to the city for project reimbursements.

Also on the agenda Tuesday, is review of a timeline for adopting the plan.

The meeting is open to the public.