TAX INCREMENT FINANCING DISTRICT FOR DOWNTOWN DELAYED
A tax increment financing district for the downtown area will be delayed longer than anticipated according to reports from the meeting of the Downtown Ironwood Development Authority last week. Ongoing work with zoning ordinances has caused the slowdown. In all likelihood, a public hearing on the matter won’t be held until June. Its’ been proposed that the city pay the TIF consulting fees in order to establish the district sooner in order to capture tax dollars as the economy improves. A TIF district applies a flat tax rate and any captured funds above that rate are directed toward projects within the district.