TIF compromise: City vows to consider schools, library when budgeting funds

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The Greenwood City Council approved doubling the size of a special taxing district, with a promise to consider school and library building projects when spending tax dollars set aside for economic development.

The city is expanding its eastside tax-increment financing, or TIF, district, to include more of downtown and running nearly parallel to U.S. 31 between County Line Road and the city’s southern edge. TIF districts capture the property taxes on new development and increased valuation in an area; and schools, libraries and other governments don’t collect the taxes as they would usually.

The amendment the council approved for the TIF district expansion would give other local governments, such as the schools and library, a way to get back money captured in the TIF.

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