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February 14, 2013

Downtown developers eye plan to redistribute tax revenue

Reinvested tax would be returned to projects

(Continued)

Somerset —

Farris called the plan a “public-private” partnership, and a “win” for all parties involved.
“Basically, it’s a redirection of tax funds, mostly sales taxes,” said Farris. “The new tax revenues that result from the development are used to create the development.”
Farris noted that downtown redevelopments typically feature high-cost public infrastructure and can have a hard to recouping costs, because of the nature of older buildings and other factors.
“If you wanted to put modern utilities or broadband or other infrastructure type services into the Virginia theater, that’s going to have a high cost, maybe prohibitively high for a private developer,” said Farris. “By using the TIF, the reimbursement of the TIF dollars feasible when it wouldn’t otherwise be feasible.”
DSDC Executive Director Gib Gosser said that the idea to look into a TIF grew out of a Chamber of Commerce visit to Bowling Green, Ky., last summer, where some $200 million is being spent on major improvements.
Similar TIF projects have been initiated in the Kentucky cities Louisville, Lexington, Dayton, Georgetown, and Versailles, according to the DSDC. Farris specifically noted the Red Mile redevelopment plan in Lexington and the KFC Yum! Center in Louisville as examples of TIF success stories.
Gosser specifically had the Virginia Cinema in mind when the idea of TIF funding first came on the radar — he said it’s a plan the city has been working on since last June — but has seen wider potential for how the plan could help downtown Somerset.
“If successful, this (plan) could touch every building in the downtown area,” said Gosser. “It’s got some great potential. Everything has some stumbling blocks along the way ... but it’s much, much broader than a single project. It’s an entire community project.”
Still, the Virginia Cinema may be the centerpiece of the plan. Since the DSDC has struggled for years to find the money to redevelop the theater, using the Virginia Cinema along with a growing number of restaurants and clubs could bring people back to the central business district where they would help produce the spending to pay for the revitalization itself.

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Local News
Kingsford Fire 07-29-2014 KS 09.jpg

Firefighters were called to the Kingsford Charcoal Plant, located off South U.S. 27 in Tateville, on Tuesday morning after a small fire on one of the plant’s conveyer belts was reported. Firefighters, working with Kingsford employees, were able to get the blaze under control fairly quickly, and Kingsford Plant Manager Bob Keller said the fire caused minimal damage and did not impact plant production. No one was hurt in the incident.

  • No injuries, minimal damage at Kingsford Plant

    A normal production day at the Kingsford Charcoal Plant in southern Pulaski County was halted for a few hours while firefighters worked to put out a small blaze at the plant. 

    July 29, 2014 1 Photo

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    A state representative unhappy over secrecy surrounding possible privatization of General Burnside Island State Park said he will respond positively to an invitation to meet with Elaine Walker, commissioner of Kentucky Tourism, Arts and Heritage Ca

    July 29, 2014 1 Photo

Local Sports
Zwick

Somerset resident David Zwick won the USAT Duathlon National Championship in his 75-79 year-old age division. Zwick won the sprint event (2-mile run, 13-mile bike, 2-mile run) and finished second in the standard duathlon (3-mile run, 20-mile bike and 3-mile run).

Features
Counting Crows.JPG

Adam Duritz (left) and Counting Crows

  • Duritz: ‘I like playing festivals’

    July 3, 2014 1 Photo

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    A new sound is blowing into Somerset — and is hoping to attract some of the town’s top brass. Literally.

    May 3, 2014 1 Photo

  • Cory Paints.jpg Autistic man expresses himself through art

    Take a walk down the main hallway of the Stoner Building on the campus of Somerset Community College starting in April, and you might think you’re surrounded by a gorgeous array of storyboards for Disney Pixar films: Brightly colored animals romping about in lavish jungle scenes, the kind of thing likely to bring a smile to any child’s face.

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News Live
Pulaski-Southwestern basketball doubleheader


Check out more action photos at www.somerset-kentucky.smugmug.com

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