On Tuesday, Limestone County commissioners approved the creation of a tax increment financial district also known as TIF. TIF is a public finance method used for redevelopment and infrastructure
Limestone County Commission Chair, Mark Yarbrough said, TIF district 7 is being created to help finance the Toyota-Mazda project.
The land is in Huntsville annexed Limestone County. Which means Limestone County commissioners needed to sign off on the new TIF district created and already approved by the city of Huntsville.
Millions of dollars will be used for infrastructure such as, extending Greenbrier Parkway to Browns Ferry Road, extending the 5 lane road on Highway 20 and putting a railway in.
Yarbrough said, Huntsville intended to borrow the money upfront in order to lay the ground work for the plant. Once it's up and running, the city will use the property tax revenue within the TIF district to pay the money back.
"There's not enough time in the day. That was a 15 month process that was condensed into a 5 month window and during that time, we've still. Even when we've had the announcement, there's still so many moving parts we're trying to get together.
"We think there's tentatively going to be a groundbreaking sometime in May," said Limestone County Chairman Mark Yarbrough.
Back in January, Limestone County Commissioners approved a tax incentives plan for the Toyota-Mazda Plant, which they said will help bring in Capital investments and more businesses.
- Limestone Co. commissioners approved TIF district 7 for Toyota-Mazda plant
- Limestone County likely home for $1.6B Toyota-Mazda plant
- What is a TIF district? How Huntsville is using it to secure Toyota-Mazda
- Toyota-Mazda plant announcement coming next year
- Community reacts to Toyota-Mazda manufacturing plant
- Officials react to Toyota-Mazda plant announcement
- President Trump mentions future Limestone County Toyota-Mazda plant during State of the Union
- What it took to land Toyota-Mazda plant deal
- Watch the Toyota-Mazda announcement here
- Mazda, Toyota establish company for Huntsville facility