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REDP: Regional Economic Development Partnership





Regional Economic
Development Partnership
 
1100 Main Street, 3rd Floor
P.O. Box 1029
Wheeling, WV 26003
 
Phone: 304.232.7722
Fax: 304.232.7727
Email: info@redp.org

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RED is a division of Ohio Valley Industrial and Business Development Corporation (OVIBDC). Copyright © 2017 Regional Economic Development Partnership

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Marshall County OKs Creation Of New TIF District

 

By J.W. JOHNSON JR. - Staff Writer , The Intelligencer / Wheeling News-Register


MOUNDSVILLE - Marshall County commissioners hope the approval of a new Tax Increment Financing district will help bring more industry and jobs to the area.

The county’s second TIF district is called the Franklin district and includes a 5,000-acre area at the Natrium site, which is located in the southern part of the county near the Bayer and PPG plants. The application for the TIF district was presented last fall, with a public hearing held in September. The West Virginia Development Office approved the application last month, and commissioners signed that document Tuesday.

TIF districts use the projected increase in property tax revenue expected to be gained by developing an area to assist in paying for the development project. While new businesses would gain advantages from the implementation of a TIF district, existing companies and those currently in the early stages of construction would not immediately benefit. However, existing business can benefit if the county uses funds generated by the TIF district for infrastructure upgrades.

Josh Jefferson of the West Virginia Regional Economic Development Partnership said the approval of the district should be "an economic development driver" for the county, much the same as the first TIF district has. That district is located in the Benwood-McMechen area, where the industrial park has seen an increase in activity.

"This is a really good tool to have with the natural gas industry in the area," Jefferson said.

Jefferson said even though the approval of the district by the state development office happened less than a month ago, there is already interest from companies.

"Hopefully we can get someone in there soon," he said.