Council adopts resolution to expand TIF District to Glanbia Foods
The Blackfoot City Council unanimously agreed to adopt a resolution to work with the Blackfoot Urban Renewal Agency (BURA) and expand the Downtown Tax Increment Financing (TIF) District to assist Glanbia Foods with some improvement projects.
Jason Moulton, a representative of BURA, addressed the council, asking for the "expandability to help businesses which in turn helps local tax revenues."
BURA's mission is to nurture economic development and Moulton said plans are underway to reach out to Glanbia Foods, helping them increase their parking lot and upgrade their sewer system. Twin Falls-based Glanbia Foods took over the Sartori cheese plant earlier this year and Is not currently included in the district.
"This is a way to spend the money from the agency and help the city of Blackfoot," Moulton said.
City Attorney Dan Acevedo approved of the idea and stressed that the expansion "does not increase taxes."
"It takes money on the increased value of the property, allowing us to do projects. This is an important and effective tool for capital projects," he explained.
Councilman Bart Brown praised BURA and the adoption of the resolution, saying, "It's a win-win for the city."
The council held a budget work session as the beginnings of the 2014 fiscal budget.
Blackfoot Mayor Mike Virtue said that the city is in good financial condition and the general fund is where it needs to be as the budget process begins.