By Tim Cook, Spirit of Jefferson
HARPERS FERRY, W.Va. — The Jefferson County Commission approved a preliminary step toward possibly approving a future request to provide the Hill Top House Hotel redevelopment with a property tax finance measure as a source of redevelopment assistance.
The Tax Increment Finance proposal sought by Fred and Karen Schaufeld and their associated SWaN Hill Top House Hotel LLC corporation would allow the Hill Top to divert whatever increased, or “incremental,” property taxes the fully developed hotel redevelopment generates into a source of funding to pay for long-term debt financing for the project.
The so-called TIF property tax measure for the Hill Top would support paying off revenue bonds or loans issued for up to 30 years to redevelop the nine-acre hotel property. The measure would allow the Hill Top to divert or offset the increased property taxes the new hotel would generate toward various project redevelopment expenses.
Read more: https://www.spiritofjefferson.com/news/article_bcc56ffe-f1f0-11ee-88fa-4364089a923c.html
