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Story Archives: Town to borrow $1.2 million for road work
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Town to borrow $1.2 million for road work
The Sterlington Town Council is expected to approve an ordinance next month authorizing the town to borrow $1.2 million for road improvements near a new grocery store that is being built in Sterlington.
Sterlington Mayor Vern Breland said the ordinance would officially begin operations of a tax increment finance district (TIF). The grocery store is being built within the boundaries of the TIF.
In 2008, Sterlington established the TIF, which took in areas along U.S. 165 and La. 2.
A TIF is a public financing method many cities throughout the nation use to pay for improvement projects. Under the concept, municipalities create special districts and make improvements within that district to encourage future economic development.
TIF expenditures are typically financed by incurring bonded indebtedness, which a municipality expects to pay off from future gains in taxes due to increased economic development in the TIF district.
For the full report, see Page 2A of this week's Citizen.
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