According to Mayor Rod Davies, the Monmouth City Council acted on the ordinances to establish the East Side TIF District at the latest meeting:
“That is the TIF District to develop the piece of property on North 12th Street that is owned by Diane Brown. The first action council took was to approve the ordinance to annex that property into the City to extend utilities. There are three ordinances associated with establishing the TIF. The first ordinance approves the redevelopment plan for this TIF, which primarily includes public infrastructure improvements for the residential subdivision along with other street and drainage improvements,” says Mayor Davies.
“The second ordinance designates the redevelopment project area and then the third ordinance adopts the tax increment allocation financing, which directs future incremental property tax revenues to be used to pay for the City’s infrastructure and improvement costs to support private, residential, and commercial development within the proposed TIF District,” Mayor Davies adds.
Mayor Davies informs the Monmouth City Council did approve all of the ordinances unanimously to establish the East Side TIF District.
