The city of Huntsville has closed out three of its increment financing districts ahead of schedule, Finance Director Penny Smith told the City Council on Thursday.

On average, the TIF districts closed 13 years early, completing the $31.4 million payoff. The city has now closed out five of its eight TIF districts.

“To be able to pay off these TIFs well ahead of schedule is a monumental achievement,” Mayor Tommy Battle said. “Students and residents in Huntsville have been beneficiaries of this success and providing those opportunities is a goal we strive to reach every day.”

TIF districts, located throughout Huntsville, are designed to stimulate economic development in designated areas and benefit schools, the city said. As development occurs, the value of property increases within the di

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