The Warren County Downtown Economic Development Authority on Tuesday voted to disburse to local entities about $2.1 million in Tax Increment Financing revenues from the state.
The TIF funds returned locally represent a portion of the taxes derived from projects in the TIF district in 2014, and they are expected to keep increasing as more projects are completed, such as the Stadium Park Plaza downtown parking garage wrap.
The distributions approved Tuesday were:
•$479,650 to Warren County.
•$205,229 to Bowling Green Special Purpose Entity I.
•$580,495 to the Warren County Downtown Economic Development Authority.
•$275,134 to The Medical Center.
•$434,654 to Block 6 (Stadium Park Plaza).
•$32,229 to Western Kentucky University.
•$6,672 to Connected Nation.
•$45,648 to Hilliard Lyons.
SPE I is the governing authority for Bowling Green Ballpark; the payments to Connected Nation and Hilliard Lyons are partial reimbursements for their rent payments at Stadium Park Plaza and were negotiated by previous garage wrap developer Mills Family Realty.
The authority also approved distributing $47,000 to the county and $10,000 to the city for additional revenue from 2013 that had not yet been disbursed.
The payments were scheduled to be made earlier this year.
“In a perfect world, these payments would have been made in June,” said authority member Mary Cohron, but local officials asked the state to recalculate the amounts, which resulted in higher payments than the state first proposed.
The TIF district got its first payment of $3,725,158 in 2013 for the first five years of the project (2008-12), and received $1,492,746 last year for 2013.
The ever-increasing amounts being distributed locally are because of growth in the TIF district, and without the TIF, “would have gone back to the state,” Cohron said.