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Commissioners create non-reverting broadband TIF fund to hold settlement proceeds
Summary
Floyd County established a non-reverting Broadband TIF Fund (Fund #4511) to receive TIF proceeds previously conjoined with Highlander TIF; the fund will finance capital improvements within the TIF allocation area.
Building & Development Director Nick Creevy and Auditor Diana Topping explained an ordinance to create a non-reverting Broadband TIF fund (#4511). Creevy said the fund will receive TIF proceeds and that monies can be spent on capital improvements within the TIF allocation area. Auditor Diana Topping said the county had already collected broadband TIF proceeds from three settlements but those receipts had been conjoined with the Highlander TIF for receipting purposes; this ordinance formally establishes a distinct holding fund.
Commissioner Frank Loop moved to approve FCO 2025-17 Establishing a Non-Reverting Fund for Broadband TIF Fund #4511; Commissioner Jason Sharp seconded the motion, and it passed unanimously. The ordinance does not specify individual projects or appropriation amounts in the meeting record.
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