By Stephen Smoot
Last week, the Seneca Rocks Regional Development Authority conducted its monthly meeting. Meetings are staggered so that they alternate between Franklin and Petersburg every month.
Members of the board received an appraisal for a set of Virginia Avenue properties in Petersburg that SRRDA wishes to buy. Three buildings along the street, one including the Family Traditions diner, are under consideration for purchase.
Sarah Moomau, board member, explained that “we’re just flipping these. We don’t want to own them.” Laura Brown, executive director, added that “we want viable businesses to be put in these buildings.”
Other plans include an innovation hub for remote workers and small scale entrepreneurship, as well as a new office for the use of SRRDA.
The board also passed a resolution to purchase the old Pendleton County Board of Education building on Walnut Street for $125,000. Brown said the resolution was needed “to finally purchase the property.”
Brown also provided updates on the work of the development authority during the past month.
She shared that the Pendleton County Industrial Park’s Shell 1 structure has been partially released from a federal loan and may be fully released soon. The development authority will also apply for an EDA federal wastewater grant.
SRRDA is also working on securing the creation of a tax incentive financing district, commonly called TIF, with the county commission for Fisher Mountain.
The legal basis for TIFs was created by the State Legislature in 2002. They help cities and counties pay for necessary projects when the funds are not otherwise available.”
According to Bowles Rice, a state based law firm, “Most commonly, it uses the growth in property taxes generated by new development to finance infrastructure enhancements inside the district.”
They go on to say that “it is designed to utilize the growth in taxes created by new business activity to finance critical improvements within an approved district. The designation of a TIF district within a municipality or county can encourage growth, jobs and private and public investments that improve property tax values and, in turn, ultimately grow revenue.”
According to Brown, “this area’s future tax base could be used for public infrastructure improvements and we are looking at what else the district could encompass for developments.”
Morgantown has used a TIF district to help to spur developments in both their business and shopping areas. Elkins just this year created one for its downtown.
The SRRDA has also advertised to hire a community projects manager to work for the organization.
