Public meeting Jan. 10 will explain, discuss TIF district proposal

The plan for creating a Tax Increment Financing (TIF) district in Carthage will be explained at a public meeting at 5:30 p.m. Wednesday, Jan. 10, at Carthage City Hall.

During the meeting Carthage officials will explain the area proposed to be designated into the TIF district, also referred to as a redevelopment project area, and will receive public comment on the plan.

All taxing bodies receiving money based on the proposed TIF district that have registered with the city can speak at the meeting or submit written statements.

The proposed TIF district is a contiguous area of the city not less than one and a half acres which “would be substantially benefited by a redevelopment project,” according to a notice sent by the city.

It includes areas adjacent to the newly-constructed Rt. 336 interchange and west along Buchanan St. (Rt. 136) to the city water tower, including the former Robert Morris College campus, widening north to include the Carthage High School campus, and branching to the south to include the courthouse square, city hall and down Adams St. to Memorial Hospital properties.

A TIF district sets a geographic boundary where private investment is encouraged.

“TIF does not raise property taxes and is not a new tax or a new taxing district,” the city stressed in its statement. “Only an increased assessment or an overall increase in tax rates can raise taxes.”

A TIF district reallocates increased property tax revenues that are realized after the TIF district is established. It freezes the rate given to the taxing bodies and creates a fund which can be used for redevelopment. A TIF district may last for up to 23 years.

In theory, public improvements within the TIF district invite new private investment that can increase property tax revenues. These are captured, temporarily, to help pay for the public and private improvements. It is hoped that the public and private investment in the designated area will help the whole city grow in the long term.

Anyone having questions or wanting more information can contact Brenda Pyatt, Community Development Director of Carthage at 217/357-3800.