Home > Uncategorized > City council OKs TIF districts

City council OKs TIF districts

Reporter-Times.com

Ronald Hawkins rhawkins@reporter-times.com
March 22, 2011

MARTINSVILLE

The Martinsville Common Council gave final approval Monday night to the establishment of three tax increment financing districts.

The establishment of the TIF districts is designed to generate revenues in the districts 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.

The money generated within the district must 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:

— The Morgan Street district 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.

— The 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.

The Martinsville Redevelopment Commission held a public hearing March 10 on the proposed districts. There were no dissenters.

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

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