Sat July 14, 2012
Frankfort mayor welcomes creation of TIF districts
The city of Frankfort is taking steps to promote business growth in Clinton County.
The newly formed Redevelopment Commission has established four tax increment financing (TIF) districts in the city’s industrial park. Some property tax funds from these TIFs can be used to finance infrastructure and other developments in the area.
Mayor Chris McBarnes says after communicating with industry leaders, it was easy to decide where to set up the geographical districts.
"We saw that the investments would be great in these particular areas over the next year, and we wanted to let these existing industries know that we're going to reward you for strengthening your workforce, we want to secure the workforce that's here in Frankfort, Indiana."
He thinks TIF funds pave the way for large capital investments, but says like any investment, monies mature over time and it will take a number of years for these funds to fully mature.
"But we could start seeing real investments start to happen directly due to Tax Increment Financing beginning next year."
He says the city took care to ensure the districts weren’t too big and cover a set area. McBarnes thinks the move lets developers know Frankfort is a business-friendly community.