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There have been questions regarding the TIF (Tax Increment Financing) application that the city has applied for.
1. Current base county tax revenue from inside the new TIF area and outside the TIF area still goes to the county.
2. Only new property taxes from tax revenue from inside the TIF area will go to the city. Existing base level property taxes still go to the county.
3. These new potential property taxes will come from any new businesses (that currently do not exist yet) that would want to build in the TIF area. The current base level of property taxes in the TIF area will still go to the county.
4. The city can then use these new taxes… that do not exist yet… as funding that could be used for infrastructure and projects that could attract and stimulate business's to want to build within said TIF area and thus contribute to the economic development of the city and county.
If no new businesses build in the TIF area, then the city will not have any funding for such infrastructure to possibly attract future development.
5. The issue is that the county wants to have control on these new potential tax revenues… who is in "charge of the purse strings" type thing… these revenues would benefit and help Elkins, the community, county, this area of the state grow -- and if the county is not in control of such revenue to dispense as they deem suitable, then no one else should be -- and the potential for growth and development for the city and county is lost.
It is difficult to understand why any possible development of Elkins could be in such conflict with the city. A possible saying would be "cutting your throat to spite your face"?
Give the city your support to implement what they seem is reasonable and necessary for Elkins to grow. We owe it to do the best we can, pay it forward, to allow future generations to live and grow in a modern, prosperous community.
Voice your opinion to the West Virginia State Economic Development Authority in favor as they consider approving the Elkins city application for a TIF area.
Lamarr Weese
Elkins