The city of Berne continues to march towards improving the city as council on Tuesday night passed a new tax increment financing (TIF) resolution for a large portion of the downtown area, including the area where the former Dunbar Furniture Corporation is located on Fulton St.
The TIF district – which is for a 25-year period – runs along the old railroad line through the heart of downtown and provides tax income for the city from new businesses. This allows improvements to be made without tax increases to the citizens of Berne, according to Mayor Bill McKean.
With the new resolution, the taxes paid by any new business would go directly into the TIF fund for the city to use for improvements. McKean noted this is only for new business, not existing business. However, if a business located within the TIF area were to expand, taxes on the new expansion would go to the TIF.
Further details in today's print and e-editions.