Mt. Vernon Register-News

Local

October 9, 2012

TIF Advisory Board makes recommendation

Advisory Board recommends to allocate TIF funds to four entities

(Continued)

MT. VERNON — —

  • $100,000 to Casey Middle School over seven years beginning in 2014;
  • $90,448 to Granada Center for the Performing Arts, beginning with $15,000 in 2012 and $24,859 for three following years;
  • $402,000 spread over nine years for Steven and Erin Beal’s project at 224 N. 10th St., and;
  • $108,020 to the Bauers’ project at 120 S. 9th St., spread over four years.

Neibert said he would draft the TIF agreements for the four entities and once signed, bring them before the city council for approval.

He said the city’s TIF program was put in place several years ago.

“What happens is that when a TIF district is formed, the assessed valuation of the properties for taxing purposes, meaning what goes to the individual taxing bodies, is frozen,” he said. “Any increase in the assessed valuation, which results in, of course, higher taxes being paid, either through a reassessment by the assessor’s office or through an improvement in your property, will cause that EAV to go up, and obviously the taxes will go up.”

Neibert said when the taxes go up, any new taxes created by an increase in the EAV goes into a TIF fund, which authorizes the city to use the funds for TIF-eligible projects within the taxing district.

TIF-eligible projects include infrastructure, renovation, existing structures and certain eligible parts of a new construction project, he said.

Text Only
Local

Local Photo