There are three House bills, poised, for introduction, in the 2025 Wyoming legislative session. These are House bills 25LSO-0025, Tax increment financing, 25LSO-0011, City and towns - abandoned and nuisance buildings, 25LSO-0018, Wyoming Community Development Authority - bond Investment.
These bills have a, research memorandum, provided, to explain tax increment financing, knows as TIF, for "affordable" housing.
This little piggy, TIF funding, is a tool used to support development of "struggling", areas in a community.
Sheridan could declare the downtown, a TIF area, by passage of an ordinance. A downtown development authority, can use TIF funding, and downtown property could be considered "blighted", if the property impairs the growth of the municipality, slows down the provision of housing accommodations, or constitutes an economic or social liability. TIF allows municipal governments to divert tax revenue from counties, school districts, and special districts to fund TIF projects.
Second little piggy, is what defines a nuisance building in a city. The city will designate, 25LSO-0011, a property a nuisance by action of the city. A property could be a nuisance, if its condition endangers neighboring property. These nuisance property owners can receive a tax credit, if the building are repaired. The owners, could receive, in addition, TIF funding. This tax payer subsidized funding, for improvements, makes this piggy look like a "win-win", but a win for whom? The taxpayer or the property owners?
The final little piggy, 25SLO-0018, the Wyoming Community Development Authority, packages and advances mortgage debt, for land trust property. In a land trust, the tenant, in an attainable home, will not, by mortgage, own the land where the structure is located. For example, Habitat for Humanity, of Sheridan, has a land trust. This legislation would require, the State Treasurer, to use the Permanent Mineral Trust funds to invest, up to $60 Million dollars. The investments, establish a financial bond, allowing for the creation of attainable mortgages. Would these investments be in treasury bonds or sub-prime money market investments?
To join in on the dialog, contact sheridanclash@gmail.com.