Greenwood is proposing to significantly increase the size of its tax-increment financing district on the city’s east side. The district would stretch from County Line Road to the city’s southern edge and extend as far west as portions of the Old Town area.
Tax-increment financing districts capture property taxes on new development and on increased assessments in designated areas and channel those funds into economic development projects. None of that tax money is shared with libraries, schools, the county or other taxing bodies.
Currently, the Greenwood Redevelopment Commission oversees the spending of more than $7 million collected in the TIF districts each year. Expanding the district would add millions of dollars in valuation.