The Leveton Tax Increment District (LTID) was established in 1985, encompassing 377 acres. Establishment of the District was integral to the City’s economic development efforts to diversify and internationalize the local economy.
Virtually the entire District is zoned for manufacturing and industrial uses. The LTID was established to provide infrastructure and services to support industrial development, and to eliminate mining operations, which were detrimental to other industrial uses in the area.
The overall goal of the LTID was to facilitate the full industrial development of the District by removing blighting influences and by providing public improvements.
When created, the total assessed value of the district was $3.5 million. Twenty-five years later, the assessed value increased to $259 million.
- This dramatic increase in value was leveraged by only $36.4 million in maximum indebtedness.
- A vast majority of the public investment in the district was solely for the purpose of roadway and utility construction.
- As a result of the publicly funded projects and the growth of the district, there are now 35 new businesses providing over 2,200 jobs in the advanced manufacturing sector.