Mt. Vernon Register-News

January 3, 2008

TIF getting closer

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MT. VERNON — Property owners within a proposed downtown tax increment finance district will be receiving letters in the mail later in the next two days of the city’s intention to approve a plan to implement the district.

“We send notice to all owners of property within and within 750 feet of the district to make them aware of the plan and availability of the plan,” City Manager Ron Neibert said. “We expect to have a formal presentation of the Downtown TIF plan on Monday night at the City Council meeting and accept the plan.”

Plans for a Downtown TIF have been in the making for about a year, and the TIF eligibility study and housing impact study was completed by Development and Municipal Initiatives in November. According to the eligibility study, the area proposed qualifies as a conservation area under state TIF statute. The area which is being considered for the TIF encompasses 874 parcels of developed property, rights-of-way and undeveloped property in the downtown section and sections to the northwest and southeast of the downtown section of the city.

“Generally, the proposed area runs north and south along a line defined by 10th Street with the southern boundary being (Veterans) Memorial Drive, and the northern end extending towards Mulberry in the northwestern part and to Harrison in the northern part. The eastern edge is defined, very roughly, by Seventh Street to the north, and Shawnee to the south. The western edge runs parallel to 10th Street, approximately one parcel deep, with a westerly extension as far as 19th Street and a northeastern extension towards the municipal reservoir,” the study states.

After the plan is presented to the council, a public hearing will be set for the public to learn about the plan and present its comments. In addition, a Joint Review Committee meeting has been set for Jan. 25 for the TIF. The committee is comprised of representatives from all taxing districts which are represented within the proposed TIF district.