Greenwood, Franklin don’t expect to be affected by economic development regulations




A new law will require cities to consider giving back some tax money collected for economic development if they’re not using at least half of it every year, and it shifts the final decision to elected rather than appointed officials.

But Greenwood and Franklin don’t expect to be affected when the law takes effect July 1 because both cities have long lists of projects they plan to pay for with

money collected in their tax-increment financing, or TIF, districts.

When a business locates or expands in the district, the additional property taxes collected from the growth is set aside in a TIF district.

 

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