The city’s districts brought in enough money last year that the redevelopment commission, which oversees them, was able to transfer $4.8 million to savings, according to an annual report. More than $10.8 million of TIF money was sitting in the bank at the beginning of the year.
But Greenwood has plans for that money and can’t share any of the property tax income from those districts with other local governments, including a cash-strapped school district that’s asked for some of it, redevelopment commission attorney Stephen Watson said.
The city expects it will need those tax dollars for major upcoming expenses, including $30 million that’s needed to build a new Interstate 65 interchange at Worthsville Road and to make that road into a major east-west thoroughfare.
Greenwood also recently started finding new uses for that money, including replacing higher-mileage police cars and building new sewer infrastructure. The redevelopment commission has committed $1.8 million so far this year on projects that include tearing down an unused water tower and buying a hangar at the Greenwood Municipal Airport.
