Stock Photo
Stock Photo
The Monmouth City Council adopted a Main Street Tax Increment Financing District Redevelopment Project Inducement Resolution for a downtown building. According to WGIL, the old building used to be the home of the town’s newspaper.
The former newspaper headquarters is currently undergoing reconstruction so that it can be used for new businesses, WGIL reported in late April. Scott Haase, the new building owner, purchased the property earlier this year.
The city is currently conducting a new study for a new proposed TIF district, WGIl reported, however, Haase would like to proceed with the renovations of the building.
TIF funds are restricted revenue that is obtained from property taxes, WGIL reported. Additionally, the revenue from the tax is regulated by state law. For a project to be eligible for this type of funding, it must meet strict criteria regarding its economic development. In order to be considered for expense compensation, when it comes to the TIF eligible expenses, the inducement resolution would be needed.
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