Town officials are hoping to spur economic development along U.S. 40 with the creation of a new Tax Increment Finance district.
The council Wednesday heard a presentation about what a TIF district would mean to the community that straddles the Hancock/Marion county line.
Christine Owens, director of planning and development for Cumberland, said the town formed a Redevelopment Commission in 2008 with the ultimate goal of creating a TIF district to generate revenue for improvement projects.
The district, which would stretch from German Church Road east to the town limits near CR 700W, would put new property taxes from development into a separate fund. Owens said the money could then be used to renovate infrastructure or acquire land.
