In this weeks Henry County Board of Supervisors meeting, Supervisors reconsidered Ordinance No. 32-2024, which was initially read and had its second and third readings waived on December 19. However, a legal review suggested rereading it to ensure procedural correctness.
Despite some disagreement on the necessity, the board decided to proceed with another reading. The ordinance establishes a tax increment financing (TIF) district for the Henry County Hershey Hall Urban Renewal Area.
It directs that tax revenues from property value increases within the district be allocated to a special fund for repaying loans, bonds, and other debts related to urban renewal projects. Taxes beyond a base value will be used for these projects, except for certain school district levies and bond repayments.
Once all debts are paid, tax revenues will be distributed normally among taxing districts. The ordinance also repeals conflicting regulations and will take effect upon final approval and publication.