City might use TIF program for development
by Associated Press
Published: October 12,2010
Tags: city government, development, municipal government, taxes
GAUTIER — The Gautier City Council will meet Oct. 19 to consider a tax increment financial program endorsed by the local planning commission.
City Manager Sidney Runnels says TIF is a tool used by many cities in Mississippi for commercial and retail development.
Supporters say it is not a tax but a plan that allows a business to use a portion of the future property taxes generated by a project to pay for infrastructure improvement, such as lighting and parking.
Runnels says it is an incentive to help businesses make some investment and get some tax credit for it.
Bonds are usually issued and the revenue from the property tax increases pays for the debt.
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