Follow-up: CR TIF overpayment reduced from $2.7M to $917K

On 9/30/2018, the Gazette reported that Linn County had overpaid the City of Cedar Rapids about $2.7M from tax increment financing funds. The City contended the amount of the overpayment was less than $2M and the attached worksheet indicates the overpayment has now been reduced to about $917K.

Cedar Rapids was able to find additional items to certify against the balances, which reduced the overpayment. Two of the areas are no longer negative. Of the seven areas that are now negative, five are fully expired by 06/30/2020. The remaining two are not expired.

Hopefully, everyone is more educated about TIFs and overpayments will not occur in the future. –Joel D. Miller – Linn County Auditor

Summary -Negative FY19 TIF’s – 12-1-18 Filing for FY2019-2020.pdf

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: