Knox City Council members approved a resolution Tuesday evening that will officially extend the Industrial Park Economic Development and Allocation Area for purposes of Tax Increment Financing.
This was another requirement in a series of steps that included bringing the request before the County Commissioners as well as the Knox Planning Commission for their approval.
Mayor Dennis Estok provided some clarification about the process to address some apparent confusion.
He explained, “Some people thought by “TIF”ing it, we actually owned that property and annexed it in but that’s not what TIF is about. When we went outside the City limits to TIF those areas, they’re not annexed into the City, they’re in our TIF District. People still own their property, nothing changes with their taxes or anything.”
Estok mentioned that other than recording the associated documentation, the Council’s approval of the resolution should be the last step in the process.