The commission replaced the two existing small TIF districts on
A second district was created on
Both changes were approved 4-0, with Councilman
That property had a county drainage ditch running through it. The town borrowed money to relocate the ditch and paid off the loan with the increased property taxes the development generated.
Kil said the town was able to pay off the debt seven years early. He said the town would not be using the TIF to offer tax abatements as incentives because that would mean it couldn't pay any debt incurred to put in needed infrastructure.
The town has no TIF debt now, but resident
Hero said residents would end up paying higher property taxes and existing businesses would suffer when competing businesses received the advantage of the government assistance.
"What I see happening is smoke and mirrors," Hero said. "No other city I know of has so much area in a TIF. This will have a severe impact on taxes. You're giving special interests a special deal, and you've made a big mistake."
Kil said the TIFs will help attract the higher-end stores and restaurants residents have been asking for. Increased development would increase revenue and lower people's taxes, he said.
"Businesses are not knocking down our door to locate here," said
The districts now have to be registered with the
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