Nashville Town Council members have passed an ordinance that will allow the community to designate areas of land as Tax Increment Finance Districts or TIFs. TIFs are a method of keeping some of the property taxes generated within a certain area in that area generally for the purpose of building infrastructure to attract new businesses. The action taken during the town council meeting Thursday only established a redevelopment commission—the board that will be given the authority to create and oversee any TIFs. No TIFs have been made at this point. Town Council Vice President Bob Kirlin says council members have no specific developer in mind.
“None that I know of anyway,” Kirlin said. “There may be somebody out there waiting for us to TIF an area, but we probably won’t do that unless he or she comes before us.”
Kirlin says officials have also not yet focused on any specific areas of land to designate. Town Council member Arthur Omberg who didn’t support the measure, says he worries TIFs take too much control away from elected officials.
“I don’t feel comfortable with the TIF and I don’t feel comfortable with another entity making decisions with tax money even though the people on the board will be appointed by the town council and other entities,” said Omberg.
The vote passed 4 to 1.