BEDFORD- The Bedford Redevelopment Commission met last night at Stonegate Arts and Education Center and one topic of discussion was the transfer of the new Bedford Police Station on 16th Street. The Redevelopment Commission was in possession of the building due to technicalities regarding using TIF funds to transfer the force to the new facility.
What are TIF funds? Tax Increment Financing, or TIF, is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short-term gains be reinvested and leveraged so that all taxing bodies will receive larger financial gains in the future.
With the move complete and TIF no longer needed, the building could be transferred to City ownership. A motion was made, voted on, and passed to transfer ownership, officially making the new police state City property.
