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City OKs TIF District Planning
April 01, 2014
By BRYCE MARTIN | Pioneer Editor | email@example.com
BOWMAN — Bowman joined neighboring Scranton as the latest entity to move forward with establishing a tax-increment financing (TIF) district.
At the Bowman City Commissioners regular meeting Tuesday, language was added to the city’s TIF application to clarify certain terms following previous interest to organize a district within city limits.
City commissioners passed a final resolution at its Jan. 21 meeting for establishing a TIF district.
The final resolution appointed the city commission as the Urban Renewal Committee that would allow them final approval on an application.
A TIF district is a public financing method that is used as a funding for redevelopment, infrastructure and other community improvement projects. One hundred percent of the property taxes collected within such a district would be earmarked for improvement projects.
Certain areas within Bowman do quality for conversion to a TIF district.
Bowman inched towards establishing a district last September, when the Bowman County Development Corporation held an informational meeting with attorney John Shockley, who worked on the Scranton TIF project.
The city has since created an application it would distribute to interested parties wanting to join a TIF district.
Questions were raised regarding the application, however, as commissioners wanted to ensure that by receiving any applications the city was not obligated to proceed with making a district.
They also were concerned about any up-front costs.
Language was added to the application that stated, “The Bowman City Commission makes no commitment to approve the proposed tax increment district specified.”
Additionally, the Bowman City Commission reserved the right to require the developers to provide the original note for infrastructure costs, meaning the city would not take out the original loan as that would be the responsibility of the developer.Back