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Gadsden council creates new downtown TIF and expands airport TIF to fund Coosa Harbor, airport projects
Summary
The Gadsden City Council on March 3 approved a new Tax Increment Financing (TIF) District for the City Center and amended a second TIF to include the airport and extend its term, measures officials said will help fund public infrastructure tied to Coosa Harbor, a prospective hotel, and other commercial drivers.
The Gadsden City Council voted March 3 to create Tax Increment Financing District Number 1 covering the Gadsden City Center area and to amend Tax Increment Financing District Number 2 to include the airport area and extend its duration. The council adopted both measures by voice vote after a multi-part presentation explaining how TIFs capture increases in assessed value to pay for public improvements.
Legal counsel Lee Roberts, who led the presentation, described the mechanics: "Once that TIF District is created... whatever the increase is... is what's called the increment. That's the…
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