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Knoxville Looking to Upgrade TIF District
An upgrade to the city's existing tax increment financing district could be in the cards for Knoxville.

Monday night the City Council heard a presentation from their Bloomington-based tax firm, Thomas Jacob and Associates. Acting Mayor Bob Johnson told attorney Dan Walker he wants to expand the current TIF District, which was formed in 2003 and runs through 2026.

But as Walker explains to Fourth-Ward Aldmerman Dave Malone, the net costs would be more than adding a entirely new TIF.

"If you do the old TIF, you have two disadvantages," Walker said. "One, you have to include everybody in the old TIF in your mailings. Two, if you expand the old one, it gets the life of the old one that ends in 2026, just like the current one."

Walker says it'd be more beneficial to start another TIF District because it would have the maximum life to pay for itself, twenty six years. He says too that funds can be transferred in-between accounts of congruent TIF's.

In other news, council members voted unanimously to put a stop sign at the corner of North and West Streets. Aldermen hope this will cut down on speeders without having to increase patrols at the corner and issue tickets.

Frank Olin was also officially installed as First-Ward Alderman.
05 22 12 by Newsroom
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