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Danville redevelopment commission debates expanding EDA and creating TIF districts to capture developer interest
Summary
Commissioners discussed adding parcels to the town's economic development area and designating new tax-increment financing (TIF) districts after developers expressed interest in multiple West Main and US-36 sites; staff were asked to assemble parcel lists and financial analyses before any formal TIF actions.
At its March 11 meeting, the Danville Town Redevelopment Commission discussed whether to expand the town's economic development area (EDA) and create new tax-increment financing (TIF) districts after several developers approached the town about sites not currently in EDA or TIF boundaries.
Mark Morgan, speaking for the Town of Danville, told the commission that developers are interested in multiple parcels along West Main Street, near US 36, and the Tharp (old Pencils Mobile) site. "The developers were ready yesterday," Morgan said, arguing the town should be ready to expand EDA/TIF boundaries so it can support infrastructure and attract tenants.
Town legal counsel Adam, appearing by phone, advised that amending the EDA and establishing TIF districts is a multi-step process that…
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