Farmerville’s Folley Beach Update: Infrastructure Financing

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Construction workers are hard at work on the boardwalk at the future Folley Beach. 
 
What is now heaps of red dirt will soon become a beach oasis for visitors who want a relaxing day on the water.
 
But first, the three private investors of the project need to help for roads, parking lots, and sewers. 
 
Mayor Stein Baughman says that is where the town comes in with TIF which stands for Tax Increment Financing. 
 
“The TIF is designed to help businesses, commercial businesses to generate sales tax. . it allows us to help them with infrastructure as they begin their businesses,” says Baughman. 
 
Back in January, the city was approved to borrow up to 1 million dollars in finances by the bond commission.
 
“The bonding commission says yes!  The town of Farmerville is in good shape and they can borrow X number of dollars.  We did put that out on bids to different financial institutions and find out which one has the lowest interest,” says Baughman. 
 
The loan is then paid back by sales tax that will be generated by the future commercial businesses to be built at Folley Beach.

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