Marshall County Commission Aims To Create New TIF District
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MOUNDSVILLE - The Marshall County Commission aims to create a new tax increment financing district to potentially help fund new development or infrastructure projects in the future.
Administrator Betsy Frohnapfel said the commission's plan is to create a new TIF district that will encompass Grand Vue Park and merge it with an existing TIF district in the county.
Tax increment financing is a tool that allows local governments to borrow money for development projects in a defined district, with the promise that the debt will be repaid with proceeds from future gains in property tax revenue within that district.
"You can use TIF funds to make bond payments," Frohnapfel added. "Residents will not see a change to their taxes; just how the taxes are dispersed."
The creation of the new district and merger into the existing district will encompass 46 parcels.
"It gives a broader base to capture tax increments and it expands the time frame of the current district," she said, noting TIF districts have a 30-year term.
The county's TIF district terms were not close to expiring, but creating a new one has been on the commission's radar for a while.
"Down the road if we do have large capital projects we have to bond out this could give us a repayment source," she said. "The bigger the area the more work we can do."
A public hearing on the TIF district plan is slated for 9 a.m. Aug. 18 in the commission chambers at the Marshall County Courthouse, 600 Seventh St., Moundsville. During the public hearing, residents can ask questions regarding the TIF district plan.
After the public hearing, the West Virginia Division of Economic Development still must approve the county's plan.
Frohnapfel said tax increment financing was used in the past for a waterline project to the Benwood industrial park.