City of Huntsville approves creation of tax increment financing district
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The City of Huntsville approved the creation of a tax increment financing (TIF) district designed to fund a major expansion at the Von Braun Center (VBC) and other infrastructure projects in the downtown area.
Known as TIF 9, it does not create a new tax. TIF districts capture revenue stemming from future growth in property tax revenue generated by new development within the district. Property tax rates are not increased and funding for schools is not reduced.
TIF 9 will provide approximately $200 million for capital improvements at the VBC and $20 million for four other projects. By law, the infrastructure projects will be implemented within five years.
- Von Braun Center: Construction of more than 100,000 square feet of new event and exhibit space similar in size to South Hall, along with new meeting rooms, conference and exhibit space, upgraded parking and other improvements
- North Huntsville Beltline Greenway: Design and construction, including right-of-way acquisition along with amenities such as lighting, landscape, hardscape and safety equipment.
- New Mill Creek Park (Choice Neighborhood Redevelopment): Design and construction of a new public park as part of the Mill Creek project, enclosing a drainage channel, installing park equipment and adding landscaping and lighting.
- Lowe Avenue: Road and pedestrian upgrades to support increased traffic and the relocation of Huntsville Junior High School.
- Renovations to former federal courthouse: Interior and ADA improvements to the historic Holmes Avenue building for future use by the Madison County Commission.
The TIF district covers almost 3,700 acres centered around the downtown area.
The City of Huntsville has used TIF districts since 2000 to help finance public infrastructure and redevelopment projects.
