2008 Woodie Awards
TIF Fund benefits downtown Charleston
Sharon Tuttle/Staff Reporter
Issue date: 4/13/06 Section: News
Charleston's Tax Increment Funding fund has helped to improve the conditions in downtown Charleston for over 13 years.
The TIF fund is a tax increment used to restore and repair Charleston businesses and city infrastructure in the area surrounding the square known as the "TIF District." Money for the fund is raised through increasing the sales tax or increasing the assessed value of property located in the TIF district. City Planner Jeff Finley said the amount of money available in the fund varies from year to year ranging from $3,500 to $200,000 and is generated and distributed within the TIF district only.
Businesses interested in applying to receive money from the TIF fund must submit applications to a committee comprised of individuals living within the TIF district. The committee evaluates the applications to determine whether a grant, a loan, or both should be awarded. The committee is then required to hold a public hearing that is followed by their recommendation to the city council of what businesses should receive funding.
Finley said that businesses that have recently been approved for funding include Jackson Avenue Coffee receiving roughly $5,500 for flooring and wall repairs, Roc's Blackfront receiving around $40,000 for repairs on the north wall of the building, and Mother's receiving $5,000 for a new awning. Roughly $200,000 was also allocated for public improvements including sidewalk and parking lot repairs and the addition of new streetlights.
Evan Kubicek, manger of Jackson Avenue Coffee, said that money from the TIF Fund has helped the coffee shop to expand by adding an extra back room to the business allowing for more space and a larger crowd at the open mic nights held regularly at the store.
"TIF funds were great and allowed us to double the size of the store," Kubicek said.
Finley said that the TIF fund expires in December of 2009, and the committee has yet to determine whether or not enough money will be available in the future to request a continuation of the project from the state.
The TIF fund is a tax increment used to restore and repair Charleston businesses and city infrastructure in the area surrounding the square known as the "TIF District." Money for the fund is raised through increasing the sales tax or increasing the assessed value of property located in the TIF district. City Planner Jeff Finley said the amount of money available in the fund varies from year to year ranging from $3,500 to $200,000 and is generated and distributed within the TIF district only.
Businesses interested in applying to receive money from the TIF fund must submit applications to a committee comprised of individuals living within the TIF district. The committee evaluates the applications to determine whether a grant, a loan, or both should be awarded. The committee is then required to hold a public hearing that is followed by their recommendation to the city council of what businesses should receive funding.
Finley said that businesses that have recently been approved for funding include Jackson Avenue Coffee receiving roughly $5,500 for flooring and wall repairs, Roc's Blackfront receiving around $40,000 for repairs on the north wall of the building, and Mother's receiving $5,000 for a new awning. Roughly $200,000 was also allocated for public improvements including sidewalk and parking lot repairs and the addition of new streetlights.
Evan Kubicek, manger of Jackson Avenue Coffee, said that money from the TIF Fund has helped the coffee shop to expand by adding an extra back room to the business allowing for more space and a larger crowd at the open mic nights held regularly at the store.
"TIF funds were great and allowed us to double the size of the store," Kubicek said.
Finley said that the TIF fund expires in December of 2009, and the committee has yet to determine whether or not enough money will be available in the future to request a continuation of the project from the state.
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