From the Shelbyville News:
The Morristown Town Council will consider starting the process to make a tax increment financing district in the area an energy company is hoping to build a power plant.
Tenaska is looking at a spot in the Morristown Industrial Park east of town, and one of the things they will expect if the company locates there is to be included in a TIF district, town attorney Mark McNeely said at Wednesday night's council meeting.
The TIF district would collect for the Town of Morristown all property taxes from entities on the land, which would eventually include the assessed tax value of the power plant.
The money collected is traditionally used for infrastructure improvements in the TIF area to attract other businesses and economic development. None of the new tax revenues from the Tenaska site would be distributed it to other entities, such as schools. The inclusion of a TIF district is a common economic development tool used by municipalities; Shelbyville has three, for example.
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http://www.shelbynews.com/articles/2013/01/11/news/doc50ef2ca0cf4ec045932738.txt
