Chubbuck City Council approves TIF district for mall

After months of discussion and public hearings, Chubbuck City Council adopted an ordinance Wednesday creating a Tax Increment Financing (TIF) district onPine Ridge Mall property.

For the next 20 years, property taxes would be frozen. If the mall or any business makes any improvements that increases the value of the property, or a new business moves in, the increase in property taxes would go straight to the Chubbuck Development Authority.

That means the mall could make infrastructure improvements at no cost to the city, as long as the CDA approves the projects.

“The benefit to the city is to see more businesses come into the mall and to see the infrastructure improved,” said Chubbuck mayor Kevin England.

Some possible projects include fixing up parking lots and sidewalks, or building rehabilitation.

Overall, England hopes this new TIF district encourages businesses to grow.

“I think it’s a win-win,” he said. “The only way money will come in is to see improvements happen and that’s what everybody wants to see.”

After the 20-year period, the property taxes will go back to where they went normally.

This isn’t Chubbuck’s first TIF district, the city’s other one spans a large portion of the city. The contract for it ends in 2022.