The City of Monmouth is in the process of working with the Beck Oil developers in creating a project specific TIF District, which also leads to having a public hearing, explains Mayor Rod Davies:
“We are in the process of working with Beck Oil Company and their six plus million-dollar project to create a project specific TIF. We have to have a Public Hearing date and that will be February 3rd, 2025, at 5:30 pm before our first February Council Meeting. Then we have to create a registry of anyone who is interested in that TIF District. We meet with all of the taxing bodies annually and they receive information from us quarterly about the projects that are going on. We have statutory requirements to meet with all the taxing bodies because they have a stake in these TIF Districts, and it is through their cooperation that we are able to create them and get that development going.”
With the creation of this new TIF District for the Beck Oil property, the real estate tax would only be on that parcel of land that is affected.
