A resolution accepting the FY 2024-2025 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Fourteen (Skillman Corridor TIF District or District) and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District and to the State Comptroller, as required by state law - Financing: No cost consideration to the City *In alignment with Economic Development Incentive Policy.

This resolution formally accepts the Fiscal Year 2024-2025 Annual Report for the Skillman Corridor Tax Increment Financing (TIF) Reinvestment Zone Number Fourteen. It also authorizes the City Manager to submit this report to the chief executive officers of all taxing jurisdictions within the district and to the State Comptroller, as mandated by state law. The TIF District, established in 2006, aims to fund public investments to encourage development and redevelopment in the Skillman Corridor area, focusing on mixed-income housing, trail connections, and transit-oriented development. The report details various accomplishments and ongoing initiatives within the district, including infrastructure improvements, park development, and retail/residential projects. The assessed taxable value for the district in 2025 was over $1.66 billion, an increase of 3.8% from the previous year. The report also outlines the budget and spending status, M/WBE participation, and the work program for FY 2025-2026.

Residents in the Skillman Corridor TIF District are indirectly impacted as this resolution is a procedural step to accept and report on the district's financial status and activities. The TIF district's ongoing projects aim to foster economic development and improve infrastructure, which can lead to long-term community benefits.

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