By SPEAKIN’ OUT NEWS
Huntsville has outlined an infrastructure and education plan totaling up to $230 million for a proposed tax-increment financing district in the city’s western growth corridor.
TIF 8 would cover 9,091.82 acres of Huntsville-annexed Limestone County north and south of Interstate 565. The district includes the planned site of Eli Lilly and Company’s more than $6 billion pharmaceutical manufacturing campus.
The proposal identifies 11 projects. The largest allocations are $50 million to widen Swancott Road, $40 million to relocate and upgrade County Line Road, and $40 million for a new K-8 school. Other proposed spending includes $15 million each for improvements at Interstate 565 Exit 3, a new road serving the school and sanitary-sewer expansion.
The plan also designates $22 million for land within a 21st Century Manufacturing Zone; $10 million each for Pryor and Peoples roads; $8 million for Greenbrier Parkway and Greenbrier Road; and $5 million for Fire Station 18 improvements. Under state law, the infrastructure projects would begin within five years.
A TIF does not increase property-tax rates. It uses future growth in property-tax revenue generated by new development to finance public improvements. City officials say it would not reduce existing revenue currently going to Huntsville, Limestone County or public schools.
Mayor Tommy Battle said completing the infrastructure could encourage private investment and job creation throughout the region.
The proposal remains subject to government approval. The Limestone County Commission is scheduled to consider it Oct. 5, followed by an expected Huntsville City Council vote Oct. 8.
Huntsville has used tax-increment financing districts since 2000 to support infrastructure and redevelopment projects.