The Milford Redevelopment Commission has officially adopted a resolution to begin the process of establishing a second Tax Increment Financing District, which will remain in place for the next 25 years.
The area that will fall under the new TIF District is part of the former BRTB property on the northeast side of town. It was annexed by the town earlier this year.
The boundary of the property travels on Old SR 15 north to North Road, east to 100 East and south to 1300 North, excluding two homes — about 220 acres in total.
Since the redevelopment commission has accepted the resolution, the multistage process of setting up the district can begin. The process will be overseen by Rick Helm, zoning advisor for Rockhill-Pinnick.
The next step will be to take the proposal to the Area Plan Commission, which will make certain that the area encompassing the TIF district is reasonable. That meeting was scheduled to take place Wednesday.
Assuming the resolution passes it will then go to the Milford Town Council to approve. After that it will return to the redevelopment commission, which must hold a public hearing.
This particular TIF district is unusual, Helm said, because no bond goes with it and no infrastructure or utilities are in place yet on the property. He stated that the land is “shovel-ready” and that the user will indicate what infrastructure will be needed.
A private-public agreement that’s in place between BRTB and the town requires BRTB to provide that infrastructure when requested.