Currently, there are no taxes being assessed at the Terminal 1 site. In the proposed tax increment area, all increased property taxes from new development in Terminal 1 will go to the port. This allocation of increased property tax revenues from the new assessed value each year will occur until the increment area expires 25 years after receiving its first increment. Once the increment area has expired, the overlapping taxing districts such as the city and county and will receive the full amount of property taxes from the increased assessed value in the increment area.
These taxing districts temporarily forego the increase in tax revenue from the tax increment area and the dollars are directed toward public infrastructure improvements in the tax increment area.