The Greene County Supervisors took another step toward setting up an urban renewal area and tax increment financing (TIF).

At Monday’s meeting, the Supervisors approved an engagement agreement with Northland Securities to serve as an underwriter and financial advisor. Board Chair John Muir explains why he and the Board needed to hire Northland Securities and Jeff Heil to continue the process of setting up an urban renewal area.

“I’m very comfortable with realizing there’s different steps to this whole process and some of it is outside of the Board’s expertise. So you hire people that you’re comfortable with their expertise on helping to make those decisions. The information he’s given us and the knowledge I think he brings with him is why I felt he was a good fit for us.”

Heil spoke to the Board about the projected valuation of the 41 wind turbines. He said the 100-percent valuation expected is over $112 million and that the Supervisors could see about $11 million come back through TIF over 20-years. With the Supervisors commiting up to $5 million of TIF funds to the regional career academy, if the Greene County School District’s bond referendum passes, it will use about half of the expected funds from the turbines. The County is also going to get 85 additional wind turbines later this year.

The agreement that was approved on Monday included no upfront cost for Northland Securities. The only time the firm will be paid is if any bonds were to be issued.