The Tennessean reports that Metro Nashville leaders have agreed to
place a moratorium on issuing new development incentives known as
tax-increment financing (TIF) over the next year as part of a compromise
with the Metro Council, where the development tool is under scrutiny.
At-large
Councilman Bob Mendes, who has led a legislative attempt to overhaul
Nashville's TIF system, made the announcement at the Budget and Finance Committee meeting Monday night. In fiscal 2018, Metro diverted $31.5 million of property tax revenue to
help pay off loans for developers, according to the Metro Finance
Department. The reason there is a revenue shortage at the same time that Nashville is booming is because so much tax revenue diverted to repay TIF loans.
This is a positive development. For more on the story follow this link.
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