As the Treasurer of the Knox Redevelopment Commission, Jeff Houston is required to submit an annual update to the fiscal body regarding the commission and the City’s Tax Increment Financing (TIF) Districts prior to April 1st each year.
When Knox City Council members met last Tuesday on March 27th, Houston reported the city has two TIF Districts; the Original TIF and the Industrial Park TIF.
He explained that in 2017, the original TIF fund received about $101,363 in revenue and nearly $36,979 was paid out in expenses. On the other hand, the revenue received in the Industrial Park TIF District remained the same as no expenses were paid out, according to Houston.
Houston explained, “You can see what the balances are, the Industrial Park TIF District we now have $33,658.87 and in the regular TIF District we have $524,732.02.”
In addition to providing figures, Houston also handed out a report that included a list of projects where spending TIF funds would be permitted
There are a number of things listed but some of the acceptable projects include the construction, reconstruction or extension of water, stormwater or wastewater lines and the construction or reconstruction of alleyways, sidewalks, curbs, stormwater drainage systems and beneficial environmental projects. Some other ways TIF money can be spent is on repairing or maintaining signage, renovating existing structures and on land and building acquisition.
Houston explained that the list is a part of a resolution that was initially passed in October of 2015. He said if the Redevelopment Commission wanted to deviate from the established plan, they would need to amend the resolution.
If you have any questions about the Redevelopment Commission or want to learn more about TIF District specifics, contact the Clerk-Treasurer’s Office at 574-772-3032.