Two businesses in the City of Washington have updated agreements with the city relating to their tax-incentive plans for development.
The city can offer what’s called a TIF, or Tax Increment Financing. One insurance business is beginning an agreement with the city. The City Council officially created the development agreement last week with Insurance on the Avenue. Ann Williams is planning to move her agency into a building on North Iowa Avenue.
Another company, Washington Preservation L-L-C, previously had a TIF agreement in place for work renovating what’s called the Bryson Block on the west side of the downtown square. That effort yielded retail space called the Village, and offices like the new Chamber of Commerce location and the Washington Economic Development Group office. New apartments were created on the second floor, and what’s now J.P’s two-oh-seven in the basement of the building. The council amended the original agreement on advice of bond council to clean up legal-wording in the document.
The TIF program is used by municipalities across the country to make an incentive for development of real estate.