Middletown adds 10 years to downtown TIF district

The original tax increment financing (TIF) district in downtown Middletown that was set to expire at the end of this year will now extend another 10 years, the Journal-News reports. Middletown City Council unanimously voted to extend the TIF and increase the exemption from 50% to 100% for those years, according to the article. Chris Xeil Lyons, city economic development director, said extending the current TIF instead of creating a new one after it expired “will retain all of the base values at the time of origin of the original TIF. With all of our work to revitalize the downtown and riverfront, we want to capture this new investment.” Property owners within the district make payments in lieu of property taxes, “with the revenues going into a fund that is used for infrastructure improvements.” For more, read the full article.

Economic Development, Financial Incentives, State Updates