Greenwood Council Approves TIF District
The Greenwood Common Council has approved a resolution creating an economic development area and tax increment financing district near the new I-65 interchange at Worthsville Road. The resolution would allow the city of Greenwood to collect property taxes from new developments to use toward infrastructure improvements.
The resolution now goes back to the Greenwood Redevelopment Commission for a public hearing and final approval. If approved the TIF district would begin collecting property taxes from new developments within two years.
"I commend the Council for understanding the importance of proactive investment in Greenwood’s economic future," said Greenwood Mayor Mark Myers. "The Worthsville Road interchange presents significant opportunity for economic development, and TIF is a proven strategy to facilitate that development."
The types of projects that would be done with the TIF money include improvements to streets, sanitary sewers, drainage, public safety, and parks and recreation, among others. Greenwood has six other TIF districts within the city.
"Due to the creation of TIF districts, our city’s assessed property values have increased by more than $300 million," said Greenwood Common Council President Mike Campbell. "For Greenwood and other cities across the state, TIFs are an investment in the future. Results demonstrate the many returns we are seeing on that investment, and we will continue to pursue what is clearly an effective strategy for economic development."