Local entities have gotten more than $19 million returned from state government coffers since Bowling Green’s tax increment financing district started in 2008.
At a special meeting Monday, the Warren County Downtown Economic Development Authority approved the latest payments from the state for 2018 totaling $2.67 million.
Projects in TIF districts – such as the one encompassing much of downtown that is officially known as Western Kentucky University Gateway to Downtown Bowling Green – are eligible to have a portion of state tax funds returned each year as an incentive for development.
Including the 2018 payments, the state will have returned more than $19.1 million to local entities since the local TIF district was formally started.
Authority Chairman Doug Gorman said the figures were “amazing” proof of the TIF district’s success, adding that the payments will continue for another 18 years. And because of continued growth in the TIF district, Gorman said he expects the payments for 2109 to exceed $4 million with a total payout topping the $20 million mark.
The state has continued to lag in making the payments, which is why the $2.67 million in payments for 2018 have come with 2020 just more than two weeks away.
“There is a lot of work for them to do the calculations,” Gorman said, but he noted that in years past, the payments have come even later – “that was unacceptable,” he said.
The TIF district has seen more than $300 million in private and public investments and has a footprint of more than 300 acres from WKU to The Medical Center campus. It is the state’s largest TIF district.
Gorman said the TIF district, which include facilities like Bowling Green Ballpark, Stadium Park Plaza and the Southern Kentucky Performing Arts Center, is not done growing.
“We have two projects we are actively working on that we hope come to fruition, which will be impactful to this area, in 2020,” he said.
The payments approved Monday were:
- $1,092,220 to Warren Fiscal Court.
- $461,535 for Block 6 bond payments.
- $275,947 to Franklin Bank & Trust.
- $37,663 to Western Kentucky University.
- $55,833 to Hilliard Lyons.
- $693,256 to The Medical Center.
- $33,155 to Brookside.
- $25,015 to Western Kentucky Heart & Lung.