Red Apple Owners Enter into TIF Agreement with City
October 22, 2014
Part of reconstruction costs eligible for TIF funds
by Barry Featheringill
Sullivan Reporter
Steve Sadikoska and Tim Halili of the Red Apple Restaurant were in attendance at the October 13 city council to hear discussion regarding possible Tax Increment Financing (TIF) to help with the reconstruction of the restaurant that burned down July 29.
Mayor Ann Short opened the discussion expressing the feelings of the city: “All of us feel so badly because of your unfortunate situation. That was just horrible.”
Short then went on to explain that the TIF program is when construction is completed and taxes are assessed by the county, the difference between what taxes were before the fire and what they are after construction is completed. In talking with the city’s TIF attorney it has been determined that the construction would be eligible for TIF funding for the reconstruction of the restaurant.