By Bobby Bordelon
The White Sulphur Springs City Council began their day with an 8 a.m. meeting on Tuesday, April 16, approving the project plan nearly $16 million in water infrastructure improvements throughout the city.
The meeting saw City Council extend the time frame for the White Sulphur Springs Tax Increment Financing (TIF) District. The TIF is a method of subsidizing infrastructure, economic, and community improvement projects within the TIF district. The funds for TIF are collected by the selling of bonds, which are repaid by the state and county governments giving up a portion of increases to their collected taxes from an expanding tax base. Originally enacted in 2004, the original timeline for TIF lasted for 20 years, or until the bonds were paid off. This resolution lengthens its lifespan to 30 years and agrees to issue new bonds.
Read more Tuesday, April 16, 2019, edition of The West Virginia Daily News.