| Tax Increment Financing District Approved for Lindale Business Parks |
February 11, 2010 |
Lindale Approves Tax Increment Financing District - At its November 17, 2009 meeting, the Lindale City Council approved a Tax Increment Financing District which covers a large acreage site north and south of I-20 at Harvey Road in Lindale. The site includes 137+ acres on the northwest corner of the intersection, owned by the Lindale Economic Development Corporation and being developed as the Lindale Business Park. Also included is 120+ acres off the southwest corner of the intersection and being developed as the Lindale Industrial Park.
Lindale Industrial Park includes the site being proposed by Decker Energy for a biomass power generating plant which is expected to break ground in 2010. Lindale Economic Development Corporation expects to utilize income generated by the TIF district to cover the cost of infrastructure for both parcels. The funds will be augmented by an $850,000 Federal grant from the US Department of Commerce Economic Development Administration for infrastructure improvements.
In the same meeting, the Council appointed five members to represent the City of Lindale on a 9-member board of directors. The appointees include council members Ginger Sims & Charles Morphis, city administrator Owen Scott, and Mayor Jim Mallory who will serve as chairman of the board. Also appointed was Annie Bell Baldwin as an at-large member.
In addition to the City of Lindale, the other taxing entities including Tyler Junior College, Smith County and the Emergency Services District will be asked to participate in the TIF and will be offered one seat each on the board of directors that will oversee the district. As a taxing entity, Lindale ISD will be offered a seat on the board but will not be asked to participate financially. |
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