City of Huntsville outlines projects in potential TIF 8 district in Limestone County
Published on
With an emphasis on roads and a new school, the City of Huntsville outlined objectives in a proposed tax increment financing (TIF) district in Huntsville-annexed Limestone County.
The proposed district, known as TIF 8, covers 9,091.82 acres both north and south of Interstate 565 and includes the site for the more than $6 billion Eli Lilly and Company campus. The project plan specifies 11 items for funding not to exceed $230 million. By law, the infrastructure projects would be underway within five years.
Proposed TIF 8 Projects:
- Greenbrier Parkway and Greenbrier Road improvements: $8 million
- Interstate 565 (Exit 3) Improvements at Alabama 20: $15 million
- Swancott Road widening: $50 million
- Pryor Road improvements: $10 million
- Peoples Road improvements: $10 million
- New road to support K-8 school: $15 million
- County Line Road relocation/upgrades: $40 million
- New K-8 school: $40 million
- Fire Station 18 improvements: $5 million
- Sanitary sewer expansion: $15 million
- 21st Century Manufacturing Zone land: $22 million
VIEW the TIF 8 Project Plan
“The western corridor of Huntsville continues to be an area with ample land to create new jobs and induce future private investments,” Mayor Tommy Battle said. “By establishing this TIF 8 District and completing of the proposed public infrastructure, we believe the area will experience new investments and the creation of new jobs that will benefit, Huntsville, Limestone County, and the region.”
The 21st Century Manufacturing Zone land is for land acquisition pursuant to Alabama’s Major 21st Century Manufacturing Zone Act, passed in 2013, to further the creation of jobs and private investments within and around the project area.
The City has also identified eight areas – including the Manufacturing Zone land – within the proposed TIF district that have significant potential for new private investment or redevelopment as a result of the TIF and the completion of proposed infrastructure improvements.
A TIF district allows a city to fund infrastructure improvements using future growth in property tax revenue generated by new development within the district. Officials emphasized that a TIF does not increase property tax rates and does not reduce existing tax revenues currently going to the city, Limestone County or public schools.
The City of Huntsville has used TIF districts since 2000 to help finance public infrastructure and redevelopment projects.
The City Council is expected to vote on the TIF at its Oct. 8 meeting.
