Focusing on Huntsville’s future: An update on TIF districts
Published on April 8, 2021
For more than a decade, the City of Huntsville has successfully financed many major improvement projects by using Tax Increment Financing, better known as TIFs. They have helped provide schools, roads, and other infrastructure to support economic development and growth.
In Thursday night’s Huntsville City Council meeting, the City’s Finance Director, Penny Smith, provided an update on the City’s six TIF districts.
“The TIFs are performing very well and they have played an important role in the growth of the City,” said Smith. “These enable us to truly enhance the quality of life for the citizens of Huntsville.”
Two of the original TIF districts, TIF 1 which helped stimulate retail development in West Huntsville and TIF 3 which built new schools in West Huntsville, were completed and closed in 2006 and 2012, respectively.
“TIF Districts have been vital to the ever-changing needs of a town growing as quickly as Huntsville,” said Huntsville Mayor Tommy Battle. “Our schools, our industries, our retail and ultimately our way of life truly depend on these tools.”