(KLZA)-- The Falls City Council conducted a public hearing last week to receive input on amending the city's redevelopment plan and authorizing the use of Tax Increment Financing known as TIF to help with the Fairview Mills Redevelopment Project to be located on the south edge of Falls City.

Following the hearing, the Council approved a resolution to amend the plan as recommended by the Community Redevelopment Authority.

City Administrator Anthony Nussbaum explained the project would not take place without the approval of TIF.

TIF is financing tool for redevelopment. It a tax shift and not a tax subsidy.

Nussbaum said the estimated improvements are expected to increase the valuation of the property by around $3.4 million.

It was pointed out that TIF can be used for public improvement such as site development and demolition and items that are eligible under community development laws. TIF will not fund things such as mechanical systems.

The TIF designation ends after 15 years and the property is back on the regular tax rolls.

The project is anticipated to result in the reinvestment of an underutilized site, long-term tax base growth and increased economic activity.