The annual meeting of the Greenville Tax Increment Financing Districts (TIF) Board met last week to review the finances of the four districts in the city.
By law, the board, which is made up of representatives from the taxing districts in the city, must meet once a year.
The figures presented by Greenville City Manager Dave Willey covered the time period of May 1, 2014 to April 30 of this year.
Willey told WGEL the meeting is required annually to announce the activity within the TIF district. The information is reported to the state as well.
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Current TIF agreements in the city are with Z-1 Automotive, CVS and Kahuna’s Restaurant, in the downtown district; Love’s Travel Stops and Huddle House in the I-70/Rt. 127 District, and Donnewald Distributing in each of the industrial park conservation districts.
TIF districts provide incentives to attract businesses in areas of a city that have been declared blighted, under the definition of the law.
TIF agreements result in the reallocation of funds from property taxes. The maximum life of a TIF district is 23 years.
The oldest agreement in Greenville was executed in 2007.