The City of Two Rivers is looking to help some businesses that are planning on moving into the industrial district in the Cool City.
The Plan Commission met on Monday where they approved a plan to create Tax Incremental District 14 which, according to City Manager Greg Buckley, “is intended to help with further development at the Woodland Industrial Park, the City Industrial Park, on Highway 310 at Woodland Drive.”
The basic idea behind a TID, also known as a Tax Incremental Financing District or TIF, is that all taxes generated from within the boundaries of the TID are required to go directly back into that area for improvements.
Buckley explained that “The plan allows for direct assistance to businesses building or expanding at the park, and provides for possible investment in extending industrial park infrastructure. We do have a [local] company talking about a new facility of about 12,000 square feet at the industrial park. They have requested some TIF assistance for their roughly $1.3 million project.”
The proposal will now go before the entire City Council during their meeting on Monday (May 17th).