MORGANTOWN, W.Va. — City officials are considering the establishment of a Tax Increment Financing District that would help fund infrastructure projects.
Members of city council heard a presentation last week from Morgantown Area Partnership President and CEO Russ Rogerson and Mon County Development Authority attorney Rocky Gianola about the proposed TIF district that would be located near the municipal airport.
The proposed TIF map includes more than 3.3-square miles, 60 percent in the county and 40 percent in the city, with a taxable value of more than $120 million.
Gianola told council members the TIF would fund infrastructure improvements in the proposed 90-acre I-68 Commerce Park.
“From my history with the development authority and the city, to me this is the single most important project to the city of Morgantown,” Gianola said.
Gianola said negotiations are ongoing with adjacent property owners that could double or even triple the size of the park over time.
“When you start talking about 140 or 150 continuous acres within five minutes of I-68,” Gianola said. “That’s a very important project to the city of Morgantown.”
Gianola said the successful completion of the commerce park depends on completion of the runway extension at the airport.
“This is the committment of the development authority, we can develop that park and we would have between 28 and 32 usable acres,” Gianola said. “Once this runway is done we will have, for infrastructure and development, nearly 90 usable acres.”
The Mon County Development Authority is interviewing engineers and plans to hire a firm in the next 60 days to layout the initial 90 acres.
Negotiations are ongoing with many possible tenants.
TIF districts have to be approved by state lawmakers. It a process where a certain area is designated to collect taxes and the money is redirected toward a public improvement project. Most TIF districts involve sales tax.