The Greene County Board of Supervisors met in special session Thursday.

The Board met with Bob Jostens with Dorsey and Whitney to discuss how Tax Increment Financing (TIF) works. TIF is a financial tool that the County can use to maximize property tax revenues on the new wind turbines from MidAmerican Energy. The state legislature has established a seven-year phase process, where each wind turbine would not generate TIF funds until after the first year it is activated.

The only way to have access to TIF is by establishing an urban renewal area. The County must have a plan in place where they have established an area they would like to use TIF. Once the County incurs debt, TIF can be utilized. The debt will then be repaid by TIF funds. The County doesn’t have to put specific projects in the plan, they must create a generalized plan to set up TIF. Once specific projects are established, there isn’t a “review committee” in place, other than the citizens of the county.

The legislature allocates between $50 to $60 million in backfill funds for TIF and one concern is that at anytime the legislature could stop paying for the backfill. Jostens noted that as long as the Supervisors establish TIF before the legislature decides to stop backfilling, any projects within the TIF area, the state will continue to backfill for the project.

MidAmerican Energy recently completed building 42 of 85 wind turbines in Greene County for their West Beaver Creek Wind Turbine project. The Greene County Board of Adjustment will meet on Thursday, December 21st to consider approving an additional 85 wind turbines in Greene County for a future MidAmerican project. The 42 wind turbines are anticipated to generate over $20 million in property taxes.

No action was taken by the Board.