Herald-Times Reports Washington Passes Resolution to Approve TIF Districts

From the Washington Herald-Times:

The Washington Redevelopment Commission approved three resolutions for the Tax-Increment Financing (TIF) areas for the 2014 budget year Monday afternoon.

In TIF areas, any tax revenue from the building of new commercial and or industrial property will go to the redevelopment commission to pay for improvements within the TIF area. Residential properties are not included in TIF revenues.

Commission members said they hoped to see a lot of development take place along the I-69 corridor.

The I-69 corridor along with the southwest side of the city from SR 57 to the west of the CSX rail depot (including Main St.) and the southeast side of the city are all TIF areas.

The commission also approved a tax abatement for Alliance Barrier Films, which is located in one of the TIF areas near I-69. The abatement will grant the company which will produce specialized packaging a 10-year graduated tax abatement on the ground and a five-year abatement on the equipment.
...

- See more at: http://washtimesherald.com/local/x405448530/Resolutions-approved-for-TIF-areas#sthash.xCIPPWAY.dpuf