(Brookville, Ind.) - Franklin County Commissioners took a major step towards inviting new economic development Monday.
The commissioners unanimously voted to create a county redevelopment commission, the Brookville American-Democrat reports. More than 50 people attended the meeting, some in support of the idea and others opposed to it.
The new board will do two things. Franklin County can now set up a Tax Increment Financing, or TIF, district for business development. Establishing a TIF allows the county to use future gains in taxes to subsidize current improvements to make a property more marketable.
A redevelopment commission will also help ensure the county continues to receive economic development grant money from the City of Lawrenceburg. Lawrenceburg officials have voiced support for the creation of a redevelopment commission in Franklin County to oversee and ensure that grant money is used for its intended purpose.
Lawrenceburg currently sends $500,000 to Franklin County each year as part of the city’s regional grant program.
The Franklin County Redevelopment Commission will be made up of five members, the newspaper reported. Three of the members will be appointed by the County Commissioners while two will be chosen by County Council.
County Commissioners will take resumes for people interested in being on the redevelopment commission.