NOTICE OF PUBLIC HEARING
PROGRESS OF TIF PROJECT PLANS AND TIF PROJECTS
IN THE TAX INCREMENT FINANCING DISTRICT KNOWN AS THE AVERY COURT REDEVELOPMENT DISTRICT #3 WHICH HAS BEEN ESTABLISHED
BY THE CITY OF PARKERSBURG
A public hearing will be held at a regular meeting of the City Council of the City of Parkersburg, West Virginia (the “City”) on November 24, 2020 at 7:30 p.m., in the Council Chambers of the Parkersburg Municipal Building, located at #1 Government Square, Parkersburg, West Virginia, and at such public hearing any person interested may appear before the City Council of the City (“Council”) and present comments and suggestions regarding the City of Parkersburg Redevelopment Project District No. 1 (the “TIF District”), established pursuant to an ordinance enacted by the City on January 25, 2005, and the approved project plans for the TIF District (the “Project Plans”). The approved Project Plan for the TIF District includes the Avery Court Redevelopment (Project No. 1), approved pursuant to an Ordinance enacted by the City on July 26, 2005. At such public hearing all comments, protests and suggestions shall be heard by the City Council regarding the TIF District, the approved Project Plans for the TIF District, and the progress of such Project Plans and the projects included therein, in accordance with Chapter 7, Article 11B of the Code of West Virginia, 1931, as amended (the “West Virginia Tax Increment Financing Act”). Following is a brief summary of such matters.
The TIF District
The TIF District was created on July 26, 2005 pursuant to an Ordinance enacted by Council for the purpose of providing for the redevelopment of a portion of the central downtown district of the City. The boundaries of the District are Eleventh Street, Cornwall Street, Parcel 233, Tax Map 76 and Avery Street in the City of Parkersburg.
The TIF Project Plans
Project Plan No. 1 consisted generally of the acquisition, construction and equipping of a high-density multi-family residential development with parking by the Phoenix Group, LLC, a West Virginia limited liability company. The project is complete.
Tax Increment Financing Obligations
Tax Increment Revenue Bonds for the purpose of funding a portion of the cost of Project Plan No. 1, were sold on May 1, 2006. The total bond sale was $2 Million. In tax year 2019, the TIF Fund disbursed $27,450.29. Total outstanding tax increment financing obligation is $1,794,567.04.
Further information regarding the TIF District, the Project Plan for the TIF District and the Bonds is contained in the City’s Annual Report for the TIF District, which is on file and available for inspection during regular business hours at the office of Connie Shaffer, City Clerk and the Parkersburg Development Office, Municipal Building, #1 Government Square, Parkersburg, WV 26101 and online at www.parkersburgcity.com.
Oct. 23, 30, Nov. 6, 13