Legislative Session Benefits Mobile

Public officials in Mobile County say the recently concluded Alabama legislative session delivered meaningful wins for the region, AL.com reported. They included new avenues to expand the number of tax-increment financing (TIF) districts in Mobile that officials believe can improve infrastructure and housing in economically depressed areas and expanding the responsibilities of the Industrial Development Board (IDB). “Between the TIF bill and the IDB legislation, they can truly change the face of Mobile forever,” Mayor Spiro Cheriogotis said. Previously, TIF districts could not exceed 10% of the city’s total taxable property value. The new law raises that limit to 50%, opening the door for new districts in areas such as Tillman’s Corner and Crichton. For the IDB, the new authority allows it to support projects that address workforce housing needs, including resolving title issues, utility challenges and other barriers that often slow development. “When you look at IDBs in other cities that have been able to play a big role in their economic development… offering incentives and helping projects, as well as [offering] low-interest loans to make projects feasible,” Cheriogotis said. “This bill opens our IDB up to be more useful in more areas.”