Hillsboro considers four TIFs, transfer of park to CIC

Hillsboro City Council heard four proposed ordinances that would establish separate Tax Increment Equivalent funds (TIFs) for businesses under construction within the city, as well as a proposed resolution that would transfer a city park to the Community Improvement Corporation [CIC], The Highland County Press reports. The TIFs would exempt 75 percent of the improved value of the properties from property tax, with property owners instead paying that amount in service payments to be used to finance public improvements including “creation and/or enhancement of public service facilities and operations” and street improvements. Council also heard the first reading of a resolution authorizing Mayor Justin Harsha to “enter into an agreement with the Community Improvement Corporation [CIC] for the Railroad Street City Park property,” which the mayor explained would be “for economic development purposes.” For more, read the full article.

Economic Development, Financial Incentives, State Updates