Cabell TIF zone expansion planned - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Cabell TIF zone expansion planned

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The Huntington Area Development Council wants to nearly double the size of its tax increment financing zone along W.Va. Route 2 near the Mason County line.

The expansion would add 55 acres to the existing 72-acre TIF zone near the unincorporated community of Green Bottom. The Cabell County Commission has approved the plan, which now goes to the West Virginia Development Office for approval.

The TIF zone was formed in 2008, and HADCO was authorized to issue up to $2 million in bonds to finance infrastructure improvements at the site, attorney Craig Griffith of Steptoe and Johnson said at a recent Cabell County Commission meeting. HADCO issued $750,000 of taxable bonds and $650,000 of exempt bonds, Griffith said. Industrial development in the zone, of which an Alcon Surgical manufacturing facility is the largest, generating $180,000 in income in 2012 and $230,000 in 2013, Griffith said.

The taxable bonds should be paid off in December 2016, and the exempt bonds should be paid off in June 2020, Griffith said.

Expanding the zone would allow HADCO to issue another $1 million in bonds, which would allow for utilities to be placed in the 55-acre area, Griffith said, and the bonds could be paid off by 2026.