The City of Minden took a step forward for economic development Monday night with the passage of resolutions creating four Tax Increment Financing Districts throughout the city.
These districts will allow the city to entice new businesses and assist existing businesses in upgrades or construction projects as needed.
“This is a giant step forward for the City of Minden,” Minden Mayor Tommy Davis said. “We will be able to offer incentives within the districts to help bring in new and different businesses.”
TIF districts are an economic development strategy that utilizes sales taxes, occupancy taxes, property taxes, or a combination of anticipated tax revenues for future development or finance infrastructure development as well as to redevelop an area or improve existing areas.
A public meeting has been set for July 5 prior to the city council meeting to discuss the districts and related ordinances.
The council also approved the creation of the Industrial Development Bond District, which will help with the PILOT program – Payment In Lieu of Taxes – as well as other incentives to entice development.
The main focus of the board will be to promote economic growth within the city.
“This is a highly responsible board,” James Graham, economic development director for the city said. “The board will be sanctioned to provide incentives to new and existing businesses.”
The board will be made up of Jean Davis for a two-year term, Rance Foster for a four-year term, Greg Jones for a four-year term, Craig Farley for a six-year term, and Mahala Hutto for a six-year term.
In other business, the council:
- Adopted the minutes of the May 2, 9 and 17 meetings.
- Condemned property located at 508 South St. and ordered demolition within 180 days.
- Re-appointed Eugene Martin to the Minden Housing Authority Commission with a term set to expire June 30, 2021.
- Selected the Minden Press-Herald as the official journal.
- Authorized the creation of The Consortium of Minden, a 501 (c) (3) Corporation.
- Approved the police report.