Home > Uncategorized > Commission approves city TIF districts

Commission approves city TIF districts

Ronald Hawkins rhawkins@reporter-times.com
March 11, 2011

MARTINSVILLE

Three resolutions establishing tax increment finance districts were approved Thursday by the Martinsville Redevelopment Commission after a public hearing on the proposals.

There were no dissenters to the proposals, but two people spoke in favor of them.

“This is a very positive step for Martinsville. It’s another tool for economic development. I’m here to help you any way possible,” Morgan County Economic Development Corp. Executive Director Joy Sessing said.

Bob Elliott, chairman of the Greater Martinsville Chamber of Commerce’s business and community development committee, said the chamber was excited about the establishment of the districts. It will serve as a protection of investments.

“We’re very happy at this time after two years of discussion,” Elliott said.

The commission voted unanimously to adopt the declaratory resolutions establishing the three TIF districts. The final step the city has to take for establishment of the TIF districts would be adoption by the Martinsville Common Council at its March 21 meeting. After that, the resolutions will be submitted to the Morgan County Board of Commissioners for its approval and to record it with the county recorder.

The TIF districts’ revenues will come from property tax increases generated by improvements to properties zoned commercial and industrial within the district.

Lisa Lee, an attorney with Ice Miller LLP, said the only revenues the districts would generate would come from increases in assessments after the March 2, 2010, assessment. The money generated could be used in a variety of ways, such as helping reduce the cost of a property acquisition or equipment for business or to help pay for the cost of increasing sewer capacity for the district.

“This is probably the broadest revenue source a municipality has,” she said.

The resolutions were written broadly with Lee’s guidance, city engineer Ross Holloway said.

Holloway had previously said the revenues generated within the district are to be spent for improvements within the district unless it is for something that would benefit all of the districts, such as a satellite fire station or 911 service center.

The three districts are:

— Morgan Street district, which includes downtown Martinsville and extends west along Morgan Street to Ind. 39 and east to Morgan Hospital and Medical Center, the Morgan County Fairgrounds and from Hospital Drive to Ind. 37.

— Ohio Street district includes the Artesian Square Shopping Center, the site of the former Harman-Becker plant and Twigg Corp.

— The Ind. 37 Southeast district includes the Grand Valley Boulevard shopping area and extends southwest to Mahalasville Road and Ohio Street, including the Martinsville industrial park, the John Walton Ford car dealership and 84 Lumber.

Copyright: Reporter-Times.com/MD-Times.com 2011

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Categories: Uncategorized
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