St. Joseph City Commissioners have approved their second reading on a plan to establish a new Downtown Development Authority Tax Increment Financing district, which will enable the DDA to build up a reserve of funds for improvements in the area.
At a meeting on Monday, commissioners gave that final approval to the DDA TIF after Development Director Kelly Ewalt told them it will help spur economic growth.
“These changes ensures the plan continues to respond to the community’s needs, today’s economic conditions, and our long-term goals for downtown revitalization,” Ewalt said.
Under the new TIF, property tax growth within the DDA boundaries will be captured and placed into a fund specifically for downtown improvements. Those could include everything from wayfinding signs to parking lot improvements to new lighting to landscaping.
The new TIF is expected to raise about $22,000 in its first year, assuming moderate taxable value growth downtown. Mayor Brook Thomas called it one more way to inject life into the city.
With the second and final TIF ordinance reading now held, it goes into effect ten days after the vote.
