Commonwealth Journal

Homepage

February 14, 2013

Downtown developers eye plan to redistribute tax revenue

Reinvested tax would be returned to projects

(Continued)

Somerset —

Officials noted that in order for the plan to work and realize public sector improvements, there must be a great deal of private investment in the TIF district.
“Most of the income in a successful TIF project comes from redirecting sales tax funds that would have otherwise gone to Frankfort,” said Farris. “Without some retail spending in the TIF district, there is no new sales tax revenue to pay for the improvements.” 
Farris said that communities respond positively to TIF set-ups when they understand the benefits. “The states often times will match the local revenue in taxes 5- or 10-to-1,” he said. “So, the sales tax is the big Kahuna, sometimes generating enough dollars to help pay, whereas the local taxes are smaller. 
“You’re really using money that’s created here in Somerset, rather than sending it to Frankfort and diverting it all over the state ... it comes right back into the area.”
Farris’ study will help the DSDC determine the feasibility of a TIF district, the possible boundaries, and how much money could be expected under certain conditions.
“First, you want to look at the tax generation that’s going on now; that creates the baseline,” said Farris. “Then you want to look at what redevelopment opportunities are, if it will fit within the statute. Also, what are the potential new revenues to come out of that? There’s excitement with the new laws passed (in Somerset) with the ‘wet/dry’ issue that there could be some more establishments open downtown. So we’re going to model that out and look at potential tax revenue sources from new entities.”
Officials expect the initial phase of the work to take three months. At that time, the DSDC will decide whether or not to proceed by the response from state and local governments, which will be asked to support the concept.
Still, the DSDC has reason to be optimistic about the future of the TIF strategy.
“I think, just at first glance, (downtown Somerset) looks ripe for redevelopment,” said Farris. “The Virginia is a central part of that but it won’t be the only part of that. I think we’ve identified a five-block area we want to look at closely and see what components will be most feasible.”

Text Only
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

  • Derek Kissee.jpg Science Hill man charged in Rockcastle County beating

    A Science Hill man has been accused of beating and leaving another Pulaski County man for dead in an abandoned Rockcastle County rock qu

    July 29, 2014 2 Photos

  • BURNSIDE LODGE-TURNER FOTO.jpg Turner to meet with commissioner on Burnside Island

    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

  • brass band.jpg Brass band sound coming to Pulaski County

    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.

    March 29, 2014 1 Photo

News Live
Pulaski-Southwestern basketball doubleheader


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

AP Video
Two Women Narrowly Avoid Being Hit by Train In Virginia, the Rise of a New Space Coast New Sanctions on Key Sectors of Russian Economy Crayola Announces Family Attraction in Orlando US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks