After a lengthy public discussion Tuesday evening regarding the failed Wal-Mart Neighborhood Market tax increment financing plan, Ward 1 Alderman Ben Carver hopes to create a set of guidelines brokering future TIFs.
The Wal-Mart discussion was added to the agenda by Ward 2 Alderman Lisa Wynn after the first vote on the TIF agreement failed at a previous board meeting. The item was removed from Tuesday's agenda by Ward 3 Alderman David Little before a vote was taken.
TIF agreements fund infrastructure improvements for future developments, and the city has used the option to fund various projects over the years including the Middleton Court and Cotton Mill Marketplace shopping centers, The Mill at MSU, Parker-McGill car dealership and the Academy Sports project.
Following the lengthy discussion, Carver said he wants to develop guidelines for TIF implementation, something that could be discussed and adopted by the next board following municipal elections in June 2017, he noted.
"I think it's time for the board to provide consistency about TIFs," Carver said Tuesday evening. "They have been used sporadically and have been effective in helping maximize growth, but I feel we need to provide some type of documentation that levels the playing field for developers."
For more, see the Nov. 17 edition.