Downtown Greenfield TIF district: The Tax Increment Finance district will be bordered mostly by Osage Street to the south, Swope Street to the east and Broadway Street to the west. The northern boundary varies from Main to Grant streets. A small piece of land behind Hancock Regional Hospital could be included because it's the site of a possible new office complex.
GREENFIELD — Dreams for a revitalized downtown could become a reality now that city officials have set aside a funding mechanism to help pay for facade improvements, pedestrian trails and more.
The Greenfield Redevelopment Commission Wednesday gave unanimous approval to a plan to create a downtown Tax Increment Finance district. Though there were a few concerns raised from Greenfield-Central school officials over how the pot of money could adversely affect school funding, city officials said the plan will be best for the community overall to see economic growth in the downtown district.
“Downtown has deteriorated,” said RDC President Joe Smith. “We need to do something.”
The TIF district will capture property taxes for the next 25 years on new commercial development in the downtown area. Money will be put toward grants and revitalization projects.
The TIF district has been on the city’s long-range plan since 2004. Last year, a series of public meetings was held to dream about a pedestrian-friendly downtown with greenways, parks and residential areas.
The district is bordered mostly by Osage Street to the south, Swope Street to the east and Broadway Street to the west. The northern boundary of the district varies from Main Street to Grant Street, with a small strip including land adjacent to Hancock Regional Hospital with the goal of one day building a pedestrian path to link downtown with HRH.