Tax Increment Financing (TIF) District #2 was established as a tool to support targeted development and infrastructure improvements within a designated area of Hermosa by building a grease depot. Through this structure, increases in property tax revenue generated by new development are reinvested back into the district to help fund eligible improvements. The intent is to encourage responsible growth, address infrastructure needs, and support projects that may not otherwise be feasible without assistance.

 

As discussed in public meetings and supporting documentation, TIF #2 remains an active component of the Town’s long-term planning and economic development strategy. The Town continues to review project eligibility, financial projections, and compliance with state requirements to ensure the district is managed responsibly. Ongoing updates, including financial impacts and project status, are available in meeting packets, and residents are encouraged to stay informed and participate in the public process.

 

This TIF is scheduled for the June ballot. Residents are encouraged to submit questions to the Town Office, which will forward all inquiries and comments to the full Board for review and response.