The City of Minden is moving forward following the adoption of four ordinances creating Tax Increment Financing districts.
With each ordinance, a map is attached showing the boundaries of each TIF District. TIF Districts 1, 2, 3 and 4 include all of some streets and some of others. Also attached to the ordinance is a listing of parcels of land in each district.
Attorney David Wolf explained what these TIF districts are and what they will do.
The TIF district is one that would only be commercial property, leaving out residential areas as much as possible. The idea in these districts is to generate revenue for infrastructure development. Businesses that participate in the TIF district would collect a sales tax generated at that specific business that goes directly to that district for any kind of infrastructure needs, whether it is water and sewer development, or a new face on a building.
“The important thing to remember is that these districts that are being created are not levying any new taxes,” Wolf said. “These TIF districts, under Louisiana law, have the authority in some cases to levy a tax, but that will require additional action by the council later on.”
With the creation of the Industrial Development Board, Wolf says the IDB and TIF districts gives Economic Development Director James Graham and the city council additional tools and resources with which to attract and retain businesses.
“Once these districts are created, they will be political subdivisions, and the governing authority of these districts is the city council,” Wolf said. “The bottom line of all of this is to give you all the tool that will help you bring new jobs to Minden, help you bring new capital investment to Minden.”
Mayor Tommy Davis went a step further in clarifying.
“This will not be money coming from somewhere else,” he said. “This will be money generated here.”