Public Hearing Scheduled for KineticPark TIF District
November 23, 2004

On November 22nd, the Huntington City Council voted to schedule a public hearing for January 10th at City Hall to discuss designating KineticPark as a tax increment financing (TIF) district. TIF districts are a method of generating revenue by which new development within the district creates higher property values which in turn increases property taxes. This increase in property taxes provides funds for projects within the district and serves as an incentive for development. In order to establish a TIF district, a public hearing must be held and City Council, through resolution, must approve the TIF district boundaries. Afterwards a TIF application is sent to the WV Development Office for approval and City Council must adopt the TIF through an ordinance. Establishing KineticPark as a TIF district could help fund site improvements and projects such as the $5 million Velocity Center.

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