ST. ALBANS, W.Va. — The St. Albans City Council has given the green light to the creation of a section of the city to become a TIF district.
If allowed by the state Legislature, a Tax Increment Financing district will redirect tax money toward a public improvement project. Most TIF districts involve sales tax, but in this case, it will be a property tax financing and will be directed toward the development of riverfront property along the Coal River.
“We will take the property tax level of 2020 and the increase from that point on over the next however many years is the funds we use to finance the project,” Mayor Scott James said.
The bet is the property values will be increased because of the project itself. James wants the city to capitalize on the work done by the Coal River Group to clean up and spotlight the recreational opportunities on the Coal River.
“We’ve got to utilize the Coal River. I want to create some fishing tournaments, I want to create kayak racing, I want to create events to bring people to St. Albans,” he said.
The project calls for development oft he riverfront near the Loop in St. Albans between the high rise apartments and Angela’s Restaurant. James said it will include a stage where concerts can be staged toward the Loop or even projected back toward the river. The project will include parking for food trucks and a boat launch for small craft like kayaks and Jon boats.
“We don’t’ have interstate access or a large traffic count, so we have to create an atmosphere and projects like this to bring people and businesses to the city of St. Albans,” he said.