Redevelopment Commission
The page contains an up-to-date view into the City's redevelopment activies and status of accounts. The City of Greenwood RDC emphasizes financial transparency and openness with its tax increment ("TIF") funds is continuing those efforts with this status report.
Redevelopment Commission 101
Working to grow Greenwood’s underdeveloped or underused areas, the Redevelopment Commission is charged with growing and attracting businesses to the community. The Commission approves and spearheads a variety of initiatives, including the funding, execution and strategic design of various development projects throughout Greenwood. The commission meets on the second Tuesday of each month, at 4:30 p.m. at Greenwood City Center.
Current Members
J. David Hopper (President), Chris Zaborowsky (non-voting advisor), Mike Campbell, Bryan Harris, Kevin Hoover, Steve Moan
Watch Meetings
View Past Agendas
View Past Minutes
What is Tax Increment Finance? ("TIF")
The Tax Increment Financing (TIF) permits a community to borrow money through a bond issuance or other debt instrument to improve a distressed property and to repay the bonds with future tax revenue generated by the improvements to property (private and public.) As the property improvements are completed and the property’s assessed value increases; incremental tax revenue is generated. (Source: GFOA)
The incremental tax revenue is receipted by the Redevelopment Commission as Tax Increment Finance revenue.
Recent & Ongoing Projects
Current Year Results
Captured Assessed Value Trends
RDC Fund Types
Allocation Funds
Allocation funds are accounting funds for each of the City's distinct allocation areas. The initial tax increment finance revenue is receipted to these funds as they are distributed by the Johnson County Auditor's Office.
Surplus Funds
Surplus funds are used in TIF areas that have debt outstanding against the income TIF revenue. The City has three seperate areas that have seperate surplus funds established. The surplus funds are the "net TIF" available to be used on new projects after the current debt service has been paid.
Bond Proceeds Funds
Bond proceeds funds are used to show net project proceeds from the issuance a new redevelopment revenue bonds. These funds are externally restricted to a specific project.
Debt Service Reserve Funds
Debt service reserve funds are externally restricted funds that are held as part of the bond origination. In most cases, these amount to the maximum annual debt service for a given issuance. They are maintained as security to bond holders and if not used, will be transfered to meet the final amoritization payment.