The City of Aledo is planning to close its Tax Increment Financing (TIF) District at the end of the year.
The Aledo Central TIF District Redevelopment Area Plan was originally adopted in 1986. In 2022, the City extended the estimated date of the completion of the TIF District to December 31, 2025, which is when it will be terminated says Aledo Mayor Chris Hagloch.
The intent of the Redevelopment Plan was to address blighted conditions in the proposed Area and institute conservation measures so as to remove and alleviate adverse conditions, encourage private investment, develop business and real estate projects to increase employment and restore and enhance the tax base of the taxing districts by undertaking public and private redevelopment projects within a designated area.
A motion for approval of the termination of the TIF District is expected at the Oct. 20 Aledo City Council meeting.