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Downtown Casper development agency again seeks public funding

November 2, 2017 in News

An organization working to promote downtown Casper has resumed its effort to seek a reoccurring source of public funding for its work.

The Downtown Development Authority is asking the City Council to earmark future funding for its efforts through a mechanism called tax increment financing.

Tax increment financing is a way to set aside funds for a specific project or purpose, Pete Meyers, the city’s assistant financial services director, explained at the Council’s work session last week. One year of sales tax revenue from the downtown area would be collected and that figure would then be set as the base amount, said Meyers. Any money collected from that same area in later years that went beyond the base amount would be designated for the development authority.

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