Tuesday, October 2, 2018

City imposes moratorium on new TIF deals while Council studies the issue.

The Tennessean reports that  Metro Nashville leaders have agreed to place a moratorium on issuing new development incentives known as tax-increment financing (TIF) over the next year as part of a compromise with the Metro Council, where the development tool is under scrutiny. 

At-large Councilman Bob Mendes, who has led a legislative attempt to overhaul Nashville's TIF system, made the announcement at the Budget and Finance Committee meeting Monday night. In fiscal 2018, Metro diverted $31.5 million of property tax revenue to help pay off loans for developers, according to the Metro Finance Department. The reason there is a revenue shortage at the same time that Nashville is booming is because so much tax revenue diverted to repay TIF loans. 

This is a positive development. For more on the story follow this link.

Stumble Upon Toolbar
My Zimbio
Top Stories

No comments:

Post a Comment