Hillsboro approves four TIFs to fund public improvements, transfer of park to CIC

Among a dozen ordinances passed by Hillsboro City Council during its August 9, 2021 meeting were four separate ordinances “proposing the establishment of Tax Increment Equivalent funds (TIFs)” for “Fenner Ridge Apartments, The Porch Restaurant, White’s Bakery and Magic Tunnel Car Wash,” The Highland County Press reports. The TIFs provide a 10-year, 75 percent exemption on improvements to those properties, with property owners “required to make annual service payments in lieu of taxes” to be used to finance public improvements, according to the article. Hillsboro City Council also approved “a resolution to authorize the mayor to enter into an agreement with the Community Improvement Corporation for the Railroad Street City Park property,” which Mayor Justin Harsha said was proposed “for economic development purposes.” For more, read the full article

Economic Development, Financial Incentives, State Updates