The Morris City Council approved the establishment of a Tax Increment Financing District to help develop a housing project on Iowa Avenue at last night’s council meeting. The TIF plan allows a developer to defer tax payments for a number of years in order to create financing for a project, in this case housing that would provide about 40 additional units.
Nick Anhut is with Ehlers and Associates, an advisor on public finance matters.
The public hearing raised concerns on if that many housing units were needed in the city, and whether the city would benefit from such tax deferments. Council member Brian Solvie supported the idea of increasing the city’s housing stock.