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Commissioners review TIF to extend sewer for local manufacturer; staff says captured increment would cover major portion of debt
Summary
Staff presented a proposal to use a tax-increment financing (TIF) district to fund sewer infrastructure that would support a $12 million expansion by a local manufacturer; the plan would capture 75% of incremental property taxes for 10 years to cover debt service on a 30-year 0% loan and leave 25% to existing jurisdictions.
County planning and engineering staff presented a draft tax-increment financing (TIF) plan to finance sewer work needed for a local manufacturer's expansion.
Presenter Savannah described the project as tied to a manufacturer that has operated in the county for decades and needs sewer access to expand. She told the board the company estimates construction costs for the expansion at about $12 million and that the TIF proposal would…
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