TIF option for major projects

Sentinel photo/Mike Reddell
David Pettit, left, explains a point.to Bay City Community Development Corporation attorney Chris Ledwig and city council member Chrystal Folse.

   Two Bay City area proposed projects – a theater complex and the North Downtown Plan – are examples of possible public-private partnerships that could benefit from a Tax Increment Financing district (TIF).
   That’s what David Pettit told a group of government leaders and business people at a workshop put on by the City of Bay City and Bay City Community Development Corporation.
   Fort Worth-based David Pettit Economic Development has an impressive track record on consulting with developers and governments to transform a designated area into new residential and commercial development.
   “I think y’all have a good road map,” Pettit told the workshop audience at the Bay City Civic Center last Thursday, June 25.
   There are many options possible with a TIF that can encourage private investors “to bring new energy to a designated area,” he said.
   Pettit said the theater complex that’s envisioned on the north side of Texas 35 between Bay City and Van Vleck and the North Downtown Plan – with Avenue G as an entrance – “are well thought out and realistic.” 
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