City seeks input on TIF funds

In 2015 the City of Columbia Falls set up a tax increment financing district for the business district along U.S. Highway 2 and downtown Nucleus Avenue.

A tax increment financing district capitalizes on growth by taking the additional taxes on that growth and investing them in urban renewal projects, such as street beautification, bike paths and other enhancement to city. The district will look to capitalize on the city’s future growth. For example, if a property is assessed at $50,000 when the TIF is created and its value increases to $100,000, the additional taxes on the property from the growth are invested into the TIF.

This year, the city has just under $300,000 in its TIF invest back into the business district.

As such, it is reaching out to the public on how to best use the funds.

This year, for example, the city used some of its TIF funding to put up new wayfinding signs in the city.

The signs tell visitors how to find various landmarks, like the high school, library and the like.

Other cities, particularly Whitefish, have used TIF funds to great effect over the years. Whitefish, however, has about $10 million in its TIF Fund.

Columbia Falls has already spent about $100,000 in TIF money this year to repair the sidewalks along the Nord Building, which were found to have large voids under them.

Still, $200,000 could go a long ways in other beautification projects in the district.

The public is encouraged to submit its ideas at a hearing at 7 p.m. Jan. 21 at city hall.