Oct. 4, 2010
Huntington Releases TIF Financial Reports for Downtown, Kinetic Park
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – Huntington Finance Director Deron Runyon has released a financial report through September 30, 2010 for the City of Huntington Downtown Tax Increment Financing District #1.
Runyon stated that the “TIF investment” was utilized to restore the former Dickinson Brothers Furniture Building (8th Street/4th Avenue) to its 1920s look with Federal Rehabilitation Tax Credits. A Huntington law firm has moved in; retail space is available on the first floor. The report stated that aggregate annualized wages/benefits are in excess of $750,000.
The developers are currently working to restore “another multi-story downtown structure” (C. M. Love) which is more than a century old. Annualized wages and benefits will exceed $750,000, according to Runyon’s report.
During the Fiscal Year ending June 30, 2010, the district expended about $586,284.90 in funds. The district received about $291,432.57 in revenue. CLICK HERE to download PDF of the report: http://www.cityofhuntington.com/pages/pdfs/TIFDistrict1AnnualReportletter.pdf
The aforementioned report also details projects, improvements and expenditures related to the Old Main Corridor Project on Fourth Avenue.
The Huntington Kinetic Park TIF District #2 annual report indicates a balance of $67,091.22 (on July 30, 2010), according to Tom Bell, Huntington Municipal Development Authority Executive Director.
A summary of the report values the redevelopment project area/district as approximately $1.22 million dollars.
The report indicates that “as of this date no contracts [for development or redevelopment plan or project] have been signed,” that “no development or redevelopment plan has been initiated,” no property has been acquired, no jobs have been created using TIF funds and no disbursements have been made.
http://www.cityofhuntington.com/pages/pdfs/TIFDistrict2AnnualReportletter.pdf
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Huntington Releases TIF Financial Reports for Downtown, Kinetic Park
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – Huntington Finance Director Deron Runyon has released a financial report through September 30, 2010 for the City of Huntington Downtown Tax Increment Financing District #1.
Runyon stated that the “TIF investment” was utilized to restore the former Dickinson Brothers Furniture Building (8th Street/4th Avenue) to its 1920s look with Federal Rehabilitation Tax Credits. A Huntington law firm has moved in; retail space is available on the first floor. The report stated that aggregate annualized wages/benefits are in excess of $750,000.
The developers are currently working to restore “another multi-story downtown structure” (C. M. Love) which is more than a century old. Annualized wages and benefits will exceed $750,000, according to Runyon’s report.
During the Fiscal Year ending June 30, 2010, the district expended about $586,284.90 in funds. The district received about $291,432.57 in revenue. CLICK HERE to download PDF of the report: http://www.cityofhuntington.com/pages/pdfs/TIFDistrict1AnnualReportletter.pdf
The aforementioned report also details projects, improvements and expenditures related to the Old Main Corridor Project on Fourth Avenue.
The Huntington Kinetic Park TIF District #2 annual report indicates a balance of $67,091.22 (on July 30, 2010), according to Tom Bell, Huntington Municipal Development Authority Executive Director.
A summary of the report values the redevelopment project area/district as approximately $1.22 million dollars.
The report indicates that “as of this date no contracts [for development or redevelopment plan or project] have been signed,” that “no development or redevelopment plan has been initiated,” no property has been acquired, no jobs have been created using TIF funds and no disbursements have been made.
http://www.cityofhuntington.com/pages/pdfs/TIFDistrict2AnnualReportletter.pdf
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