Olivia P Tucker
Times Reporter
Austin City Council approved a resolution to establish the economic development of the city of Austin at their regular meeting on January 9.
Austin Redevelopment Commission approved a declaratory resolution expanding the TIF District to promote the growth of Austin at their previous meeting on Dec. 27.
TIF stands for Tax Increment Financing and doe not mean new development within the district does not pay property taxes. Rather, property taxes raised by construction growth goes to the city’s Redevelopment Commission that can use the funding for a wide variety of improvements to the city.
Austin Clerk-Treasurer Chris Fugate said this resolution would include the new Dollar General Market Store coming to Austin.
Council member Trever McIntosh said that the Area Plan Commission had been working on approving a housing TIF along with the growth of the economic development area.
The council voted 4-0 to pass the resolution with Brandon White not present during the vote.