The Trenton City Council has given final approval for the establishment of a TIF District, which will be used to renovate the former Adams Middle School.
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The Trenton City Council has given final approval for the establishment of a TIF District, which will be used to renovate the former Adams Middle School.
During a meeting this morning, the council voted 7-0 to approve an ordinance establishing the district as well as approving the renovation plan and selecting Trenton AMS, LLC as the developer for the project. The group plans to renovate the former AMS building for use as a retail facility.
Under the TIF plan, the group has until the end of December 2004 to finish Phase I of the project, with up to $240,000 of the renovation costs to be reimbursed through TIF revenues. Those funds come from taxes paid by Trenton AMS, LLC that are eligible to be collected as TIF funds. Once the project under the TIF plan is completed, those taxes will then be collected and disbursed to taxing entities in the county. The TIF Commission had recommended to the council that the project be approved.
Voting in favor of the ordinance were council members Jackie Soptic, Kenneth Ewing, Steve Perry, Don Peyton, Gary Hurst, Troy Smith and Larry Crawford. Dr. Nick McHargue was absent.