OAKLAND CITY — With a couple of development projects in the works, and potential suitors on the horizon, the Oakland City council took action Tuesday to set up economic development elements to benefit the East Gibson area.
Brad Bingham of Barnes and Thornburg explained to the council Tuesday evening how a redevelopment commission and economic development board could benefit the town.
“The two most common tools that communities have to encourage economic development and redevelopment are tax increment financing and tax abatements,” Bingham said. “But before you can implement those things, there are certain ‘housekeeping matters’ you have to do to set the groundwork.”
He said the first step is a redevelopment commission, which oversees TIF areas and the expenditure of TIF revenue.
TIF encourages redevelopment by capturing a portion of the assessed value of a designated area for infrastructure and other projects that benefit that area. A TIF area expires after 25 years, under current law.
Bingham said an economic development board is a three-member advisory type of body that investigates areas that need redevelopment, and meets as needed.
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Bingham provided the council with new ordinances for both bodies, and the council voted unanimously to create the boards.
Mayor Jim Deffendall and the council will now work on finding the right candidates for the boards.
In other business at Tuesday’s regular meeting, Deffendall reported the recently purchased sonal system which precisely locates underground water leaks has already pinpointed a handful of leaks with the system.
Deffendall asked the council to approve $3,000 for use for the solar eclipse, scheduled for April 8, 2024. The money will be used for entertainment and other needs at the New Lake campground.
The town Easter egg hunt is at noon April 1 at noon at Wirth Park.
Deffendall also welcomed the town’s newest council member, Kaye Gowin, Tuesday. Gowin and Phil Sloan replaced Seth Woolsey and George Armes in recent months, respectively.
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