Tenn. (WBBJ) – Thursday Humboldt held a mayor and board of aldermen special meeting a 5 p.m. in the Humboldt public library to explain tax increment financing
Humboldt currently has undeveloped land that brings in around $23,000 a year just because it is undeveloped, so with the tax increment financing or TIF, that will allow developers to use some of that tax to finance what the expense would be for improving the infrastructure.
This meeting allowed aldermen along with any curious citizens to get a deeper understanding of TIF, along with the proposed development plans.
Mayor Arthur Boykin says, “It’s an avenue how they can put in the required infrastructure and receive taxing credit for that. And we’re not talking sales taxes, we’re not talking personal taxes, just the real taxes on what they would build, a portion of that goes back to them to pay for infrastructure.”
Proposed development plans include over 50 acres of new infrastructure at the Village Commons. In phase one, two acres of hotel and over 13 acres of retail east of Highway 45 will be built, phase two will add more than 20 acres of retail west of Highway 45, and phase three will construct over 15 acres of multi-family residential infrastructure.
“There is no taxing to the citizens of Humboldt for that at all,” continued Mayor Boykin.
According to the Tennessee Comptroller of the Treasury, TIF projects give cities and counties the ability to pay for community improvements with future tax revenues. The increased property tax revenue will be used to recover the cost of the TIF improvements.
This proposal still has to come before the board of mayor and alderman before a vote will be taken on whether or not to approve the TIF and development plan.
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