The Monmouth City Council has passed a resolution to support the current form of the Tax Increment Financing, or TIF, legislation without any further restrictions or limitations placed on the municipalities in creating and using the TIF Districts. City Administrator Lew Steinbrecher says utilization of TIF Districts are by far one of the most effective economic development tools that local municipalities have and have been very successful for the Monmouth area:
Monmouth’s TIF District provides a vehicle to reinvest tax revenue back into the community. The TIF District encompasses the Public Square region of downtown, as well as west Broadway to Route 34.
