Tax Increment Financing (TIF)
Welcome to the City of Elkins TIF webpage. This page provides an overview of Tax Increment Financing (TIF) and how it benefits our community. You’ll find information about what a TIF is, how it works, current projects funded through the TIF, and resources for further details, including annual reports and an interactive map of the TIF district.
About the TIF
Tax Increment Financing (TIF) is a tool designed to encourage investment and development within a specific area, known as a TIF district. By capturing future increases in property tax revenues, the city can finance improvements without raising current tax rates. The additional tax revenue generated from the rise in property values is reinvested into public and private projects within the district. TIF helps stimulate economic growth, create jobs, and improve infrastructure, all while avoiding additional burdens on taxpayers.
For Elkins, establishing a TIF district means funding critical community projects that will improve public services, infrastructure, and overall quality of life. This program is designed to be a long-term investment, benefiting the city and the surrounding areas.
TIF Projects
Several key projects have been identified for development through TIF funds. These projects aim to enhance public infrastructure, revitalize the community, and support long-term growth:
- Riverfront Development
A project to improve and beautify the Tygart Valley River area, restoring ecological function and creating recreational opportunities. Estimated costs range between $2.4 million and $3.3 million. - Recreational Trail System
The City is working with Elkins Area Shared Trails (EAST) to create high-quality trails within the city. This project is estimated to cost between $1.3 million and $3 million. - Downtown Streetscaping
Streetscape improvements, including sidewalks, lighting, and signage, are planned for downtown Elkins. Estimated costs range from $1.2 million to $1.8 million. - Elkins Railyard Development
Plans for the Elkins Railyard include the construction of a public events center, development of the Roundhouse Plaza, and infrastructure upgrades, with an estimated cost of $3.6 million. - Randolph County Industrial Park
Infrastructure improvements at the industrial park are estimated to cost between $2 million and $3 million, supporting local business growth and development.
Annual Reports
For more detailed information about the city’s TIF district and its financial performance, you can access our annual reports here:
TIF District Map
Explore the boundaries of the Elkins TIF district using our interactive GIS map. This tool allows you to see where the TIF district is located and how the district is set up:
