Commission decides to keep its money

The Jay County Redevelopment Commission decided to hold onto its tax-increment financing money to make future bond payments.

"The recommendation from (financial consultant Greg Guerrettaz) is you keep all your monies," Jay County auditor Nancy Culy told commission members Monday afternoon.

The county's TIF district was originally set up in November 2006 to fund infrastructure improvements for the Premier Ethanol plant - now POET Biorefining - southwest of Portland.

The TIF district captures increased tax revenue resulting from higher assessments due to the development within the district bounds.

The commission had the option to return some of the collected TIF money to the county. However, due to changes in taxing, including statewide property tax caps, Guerrettaz, who could not make the meeting, suggested the commission hold onto those funds for future bond payments.

In July 2007, the county sold $1,220,000 in TIF bonds with an interest of about $525,000 for improvements around the POET plant.[[In-content Ad]]