The Madison County Commission voted Wednesday to approve the City of Huntsville’s proposed Tax Increment Financing district, clearing a key hurdle for a plan to help fund a $200 million expansion of the Von Braun Center and several other downtown infrastructure projects.
The approval allows the City of Huntsville to move forward with creating its proposed TIF 9 district, which city leaders unveiled earlier this year as a financing mechanism for major public improvements across downtown and north Huntsville.
Under Alabama law, a Tax Increment Financing district allows a municipality to use future increases in property tax revenue generated within a designated area to pay for public infrastructure improvements. The program does not increase property tax rates but captures the incremental growth in property tax values created by new development…