Local News

Clinton City Council Approves Modifications For New TIF District

A TIF fund in place in the downtown portion of Clinton is set to expire at the beginning of 2013, and the city has approved modifications to it.

Because of the age of the current TIF, the new TIF has be modified. City Administrator Tim Followell explains the new TIF district will be a way of keeping an incentive for business in the downtown area. Followell adds the new district has some areas left off from the old, and areas added new.

[audio:10212tifmodify1.mp3] [/audio]

Followell explains the City has approved an early release process, which will effect a couple of business owners in the old district, that are left out of the new district. Followell says an early release will have a final payment of the end of the year, but businesses can still draw after the final pay-ins are made.

[audio:10212tifmodify2.mp3] [/audio]

Because of the early release process, a payment amount will have to be determined to go to Dave Jackson and Don West, business owners that are being left off the new TIF district. Followell says this is a long process with a lot of legalities to go through. The Clinton City Council approved some of those legalities to begin Monday evening.

[audio:10212tifmodify3.mp3] [/audio]

The Council will also have to hold public meetings with business owners in the new district with the intent of having the new district established by the end of the year. The end of the year is a soft timeline according to Followell. He says they could hit a snag somewhere along the way.

Townhall Top of the Hour News

Local Weather - Sponsored By:

CLINTON WEATHER

Local News

DeWittDN on Facebook