Jasper Council hears annual tax increment finance report
On Wednesday, Baker Tilly consultant Kyle Carlson presented the city’s annual Tax Increment Financing report to the Jasper Common Council, showing that the city’s four TIF districts generated revenue in 2025, with most expenditures directed toward the bonds for the new outdoor pool.
The city operates four TIF allocation areas. The Jasper Central area will expire in 2049, 25 years from the outdoor pool bond issuance. The Riverfront allocation area, created in 2015, will expire in 2044. University Heights will expire 25 years from a 2021 conditional project expenditure agreement, and Northridge Estates Residential Housing will expire in 2045.
The Jasper Central TIF area, established in 2014, recorded $5.8 million in expenditures, though approximately $5.2 million of that amount represents spending of outdoor pool bond proceeds from the $11.4 million bond issued in 2024. Beyond the pool project, the Central area spent about $622,000.
“The total expenditures look quite high from the central area. Well, that’s because we’re also including bond trustee held funds that are really still the RDC’s and the city’s monies from when the 2024 outdoor pool bonds were issued,” Carlson said.
The Riverfront area generated $429,000 in expenditures, with 95% of TIF revenues pledged to bonds from that area.
“The bond trustee has some additional monies on hand and there’s been some interest earnings to where they were able to pay down the bonds quicker which is why the expenditures outweigh the revenues,” Carlson explained.
The 2019 A2 bonds from the Riverfront area were paid off in 2025, with payments now directed toward A1 bonds and C bonds.
University Heights shows both revenues and expenditures, with $19,000 paid in 2025 toward a conditional project expenditure agreement, leaving $626,000 remaining.
The Northridge Estates Residential Housing area hasn’t yet generated TIF revenue, though revenue is expected in future years.
TIF areas expire 25 years from bond issuance for commercial, industrial and apartment developments. Residential housing TIF areas have a 20-year expiration period.
The annual report is required by 15 April and must be submitted to Gateway, the mayor and the council.
