Published: September 28, 2009 10:58 am      

Looking at incentives

The city of Harrah is currently looking into creating a tax increment financing district.

The TIF district would be located at the corner of Harrah Road and Reno Avenue. Developer Larry Owsley, of RLC Mortgage and Development Corporation, has plans to create a live, work and play town center with retail, homes, restaurants and city amenities such as walking trails and city facilities.

A TIF review committee has been formed by the city with representatives from various tax entities such as the school as well as at-large members from the community. Carolyn Allen, city councilwoman for ward 2, is chair of the committee. A lawyer specializing in TIF districts has also been hired by the city to assist with the project.

The committee has met three times. So far, Allen said, there has been a lot of listening as the committee learns about how a TIF district will affect the city. There is no set time for the committee to meet. At each meeting, the committee selects a date for the next time they will come together.

Owsley said he began discussions with the city of Harrah this spring about the possibility of a TIF district. At this point, Owsley had already purchased the land. Owsley said he proposed the TIF district because he knew it would help him create something much nicer than he would be able to do on his own.

“With TIF dollars, you can develop to a nicer quality and Harrah wanted the property to be first class,” he said.

Owsley said he plans on developing the land regardless of whether the TIF district is implemented or not. With a TIF district, though, Owsley said he would be able to offer more to potential businesses to draw them into the area.

“It allows us a lot of ways to discount-- entice new users to come in,” said Owsley.

With a TIF district, Owlsey said the city will also retain more control over what type of businesses go into the development.

No decisions have been made by the city on the project. The committee is still looking into how the district would affect existing tax entities and costs of the project. By law, two public hearings must be held in order to gain public input before the council can vote on the project.

The next TIF committee meeting is scheduled for Oct. 5 at 4:45 p.m. at Harrah City Hall.