Hearth and Home considers expansion, seeks TIF money
Hearth and Homes Technologies is asking the City of Lake City to consider providing tax increment financing (TIF) to help the company add 150,000 square feet to its 100,000 square foot building on the corner of Monroe Street and North 10th Street.
The estimated $10.2 million project would increase the facility’s property tax assessment by an estimated $259,000 annually. Under the proposal, the company would pay these taxes and the city would pay this money back to the company annually for nine years for a total of about $2.27 million.
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