December 28, 2014
In an effort to attract business to the Town of Bourbon, leadership is moving forward in establishing a Tax Increment Finance district, or TIF district. The new TIF, which is the first such district in Bourbon, will include over 80 acres of land located east of State Road 331 and south of U.S. 30. The area was recently annexed and rezoned for business uses.
The next step is the formulation of a Redevelopment Commission which acts as the fiscal body for the allocation of the TIF funds once they become available for various projects. The taxes captured by a TIF are those realized from additional development and the increase in assessed value in the district. TIF funds can be used on infrastructure investments and other creative ways to attract future investment in the district.
Jerry Chavez, Executive Director of the Marshall County Economic Development Corporation said, “MCEDS supports the Town on their proactive approach to attract jobs to the community.”
Provided by MCEDC