Corsica Council moves to create TIF
The Corsica City Council passed a resolution Monday to create a tax incre-ment financing district after several months of discussion on the part of Corsica’s planning commission. An expansion of Farmers Alli-ance in Corsica spurred the idea for a TIF district.By: Anna Jauhola, The Daily Republic
CORSICA — The Corsica City Council passed a resolution Monday to create a tax incre-ment financing district after several months of discussion on the part of Corsica’s planning commission.
An expansion of Farmers Alli-ance in Corsica spurred the idea for a TIF district.
The city has up to five years to capture increases on improve-ments by any business in the TIF district, which will then help pay off any bonds issued to the city, said David Lambert, direc-tor of regional development with Dakota Heartland Development Association.
“When CHS or others improve their properties those taxes will be captured,” Lambert said. “Those will be used to pay off the bonds up to 20 years.”
The city plans to apply for grant money for improvement on Dakota Road, which is cur-rently low-quality gravel. It will connect Farmers Alliance to the feed mill on the south end of town.
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