Published by admin on Wed, 10/23/2024 - 9:50am
The Hermosa Town Board has voted unanimously to dissolve a controversial Tax Increment Finance (TIF) District due to questions of legality regarding amending this TIF and the possibility of jeopardizing the borrowing power of the Town of Hermosa. The vote was taken at the board’s Oct. 15 meeting.
The balance of the TIF, roughly $215,000, will be returned to the county to be dispersed to the taxing entities, namely the school district, which will receive approximately $135,000 into its general fund.