Hey, how about that Town of Silt, Colorado! Just look at these projections:
John Colson:
"...On Tuesday, the trustees voted unanimously to transfer $170,000 from the town's Water and Wastewater Activity Enterprise fund to a newly created Economic Development Revolving Fund. The revolving fund, according to the authorizing resolution passed by the trustees, is then to loan the $170,000 to the Silt Urban Renewal Authority.
The money is to be used to install utility lines, stormwater drains, curb and gutter, and other infrastructure.
In addition to the fund transfer, the trustees agreed to kick in $10,000 in town funds to the Dollar General Urban Renewal Project, mainly to pay for legal and engineering fees and for staff time spent on the project.
The $170,000 loan to the authority, for a period of up to 15 years, is to earn 3 percent interest. It is to be repaid from sales and property tax revenues generated by the store.
According to town documents, the new store has projected annual sales of $1 million, which is expected to generate $30,000 in annual sales tax receipts. The town also expects to receive more than $14,000 in annual property tax revenues, based on the expected $900,000 value of the Dollar General building.
In addition, the town expects the store will generate roughly $20,000 per year in tax increment financing, or TIF, payments, based on the increased taxable value of the property as a result of the efforts of the urban renewal authority..." (Read more? Click title)
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