Please consider signing DFI's online petition in support of the TIF.
There is a conceptual, mixed-use redevelopment project proposed for the property known as Parcels B & C in downtown Frankfort. The project proposed by the Developer includes the re-imagining of the Capital Plaza Hotel, convention and meeting space, a brand-new YMCA, new office space, new retail/restaurant space, and new residential units, along with related site improvements and amenities, including structured parking. The City and County have been asked to support the project and provide redevelopment assistance through a pledge of certain City and County incremental tax revenues generated from the project and to undertake specific public infrastructure improvements needed within the project area. There is also the potential for special tax districts to support the project, if they so choose. A request will also be made to the State for a pledge of State incremental taxes.
The requested incremental tax revenues, which will result from a Tax Increment Financing (TIF) process, will be used by the City and County to provide necessary public infrastructure such as a parking structure, street extensions, public site improvements, and demolition. The City and County are in the early stages of the statutorily defined TIF process. A TIF Development Plan has been prepared and arrangements are being made to conduct a virtual public hearing within the next several weeks in order to gather comments from interested groups and individuals. Below you will find the Tax Increment Financing (TIF) Development Plan, TIF support letter signed by seven local organizations, a TIF resolution, and a link to a recent article about the success of TIFs in other parts of the state. A public hearing facilitated by the city will be scheduled at a later date, allowing citizen participation.
The City of Frankfort also has information regarding the TIF process on their website.
The requested incremental tax revenues, which will result from a Tax Increment Financing (TIF) process, will be used by the City and County to provide necessary public infrastructure such as a parking structure, street extensions, public site improvements, and demolition. The City and County are in the early stages of the statutorily defined TIF process. A TIF Development Plan has been prepared and arrangements are being made to conduct a virtual public hearing within the next several weeks in order to gather comments from interested groups and individuals. Below you will find the Tax Increment Financing (TIF) Development Plan, TIF support letter signed by seven local organizations, a TIF resolution, and a link to a recent article about the success of TIFs in other parts of the state. A public hearing facilitated by the city will be scheduled at a later date, allowing citizen participation.
The City of Frankfort also has information regarding the TIF process on their website.