On Monday, October 28, the Shelby County Board of Commissioners voted 9-2 to approve a new Tax Increment Financing (TIF) district for Lakeland, supporting essential infrastructure projects without imposing additional taxes on residents. This latest TIF aims to finance critical infrastructure improvements for a new mixed-use project and follows three other active TIF-supported developments in the city—Ashmont, Lakeland Town Square, and The Lake District.
Sponsored by County Commissioner Mick Wright, who represents Lakeland and Bartlett, the TIF will fund projects for the Lakeland Meadows development and the Heathfield mixed-use development, generating an estimated $36 million in tax increment funds over 20 years. More about the Heathfield project can be read here. “The TIF structure is a great way for our cities to build out roads, bridges, and other improvements without increasing taxes,” Commissioner Wright commented.
The newly designated TIF district covers areas north of Highway 70 and east of Lakeland Prep, focusing on improving access, expanding Seed Tick Road between Highway 70 and Old Brownsville Road, and adding simple traffic calling measures in several locations along Highway 70. At one time, roundabouts were considered for Highway 70, but there was not enough support on the BOC to pursue the idea. Plans also hint at the possibility of a new fire station in Lakeland Town Square, which would be the city’s second.
Lakeland Mayor Josh Roman emphasized the TIF’s significance in boosting the community. He told Lakeland Currents, “Getting a TIF approved is Shelby County Commission saying that they want to partner with our community to create opportunities for the County in the form of increased sales tax revenue, future property tax revenue, additional housing, additional jobs and additional amenities. They do this by allowing a large portion of the additional property taxes created to go towards the project over 20 years. We have been fortunate enough that commissioner Mick Wight has sponsored and led the charge for four of those partnership opportunities in the city of Lakeland.”
Mr. Roman also emphasized how TIF’s have already been used to promote a drastically different landscape around Lakeland. “The first one [TIF] saw the old factory outlet mall get torn down reducing blight [now The Lake District], the second one created a thriving, living and shopping district [Lakeland Town Square], the third one allowed us to reimagine the interchange immediately reducing crime and this fourth one will go towards creating a safer community with Highway 70 traffic calming goals,” he said.
