Charleston Council OKs City's 1st TIF District

By: The Associated Press Email
By: The Associated Press Email

CHARLESTON, W.Va. (AP) -- West Virginia's capital is establishing its first tax increment financing district.

Charleston City Council voted Monday to approve establishing the so-called TIF district in an area surrounding the Civic Center.

Tax increment financing allows counties and municipalities to use the projected increase in property tax revenue from developing an area to help pay for a project or improvements that would benefit the area.

Charleston officials plan to issue bonds to help pay for improvements to the Civic Center and use the new tax revenue to pay them off.

City Manager David Molgaard says the city still needs to find other funding sources. But he says it's unlikely anything could be done without the TIF district revenue.

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