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City council approves TIF redevelopment

Posted: Tuesday, Dec 4th, 2012

CLINTON — On Monday, the Clinton City Council gave final approval of the TIF IV redevelopment plan. The council held a public hearing before the council meeting so residents could ask questions and express concerns.

Clinton resident Susan Rasor, who lives in the area of the 100 block of W. White Street, asked for clarification about some aspects of the new TIF district.

Rasor asked what the city hoped to accomplish with the new TIF district it did not accomplish with the expired district.

“Hopefully, we’ll have some more time to encourage property owners to take advantage of the TIF funds,” said mayor Carolyn Peters. Rasor said her home was not part of the new TIF district but was across the street from part of the district.

A Tax Increment Financing district is a method of financing new projects through future increases in tax revenue. The districts were originally formed to help revitalize areas considered blighted.

Any increment in additional taxes collected because of improvements that increase the equalized assessed valuation (EAV) of properties in the TIF district are used to repay developers for part of the cost of the improvements. Residential properties within TIF districts are not eligible to apply for TIF funds.

For the complete article see the 12-04-2012 issue.

Click here to purchase an electronic version of the 12-04-2012 paper.

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