Finance Committee Approves TIF Refund
Menominee’s Finance Committee approves refunding the nearly $44000 left unspent in the city’s Downtown Development Authority TIF fund. Of that total, $32000 will be returned to various city funds, including more than $22000 that will go to the general fund. The rest of the money will be returned to other tax authorities. City Manager Tony Graff says there had been talk of using the funds to purchase a way-finding sign for the city, but the plan lacked sufficient action to allow the money to remain in the fund past its expiration.
The DDA TIF Fund was established in April of 2009 and had a six-year life. The Finance Committee recommended to City Council Monday to refund the various tax authorities the unspent money and close the fund.