Huntsville to prepare project plan for potential TIF district in Limestone County
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The City of Huntsville took steps toward the creation of a potential tax increment financing (TIF) district within annexed portions of Limestone County.
The City Council authorized the City to prepare a project plan for what would be TIF 8. Once the project plan is created, it will be presented to the City Council for its approval to create the TIF 8 district. Once a draft project plan is created, it will be presented to the City Council for its approval to create the TIF 8 district.
A TIF district allows a city to fund various public infrastructure improvements using future growth in property tax revenue generated by new private development within the district. A TIF does not increase property tax rates and does not reduce existing property tax revenues currently going to the city, county, or public schools.
Road improvements within the proposed TIF district will be the primary focus.
The footprint of the TIF district, which is both north and south of Interstate 565: County Line Road to the east, Wall Street to the south, Old Highway 20 to the north and Greenbrier Parkway and Pryor Road to the west. The future site for the Eli Lilly and Company campus is within TIF 8.
The City Council also set a public hearing on TIF 8 for the Sept. 10 Council meeting.