From the Northwest Indiana Times:
At a time when some communities struggle to fill commercial space and attract new businesses, Munster's economic development efforts are changing the face of areas along Calumet Avenue, and officials are looking forward to other redevelopment efforts.
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Revenue from the Munster Tax Increment Financing district helps fuel this development, said Town Manager Tom DeGiulio. Munster's TIF district extends along Calumet Avenue, Ridge Road and 45th Street from the state line to the Munster-Highland border.
A portion of the property taxes paid by businesses in that district is returned by the State of Indiana to the Munster Redevelopment Commission, consisting of the five Town Council members and a representative from the School Town of Munster. Those funds are then used to benefit the TIF district and areas immediately adjacent.
TIF funds and the town's "A" credit rating from Standard & Poors also allows Munster to sell economic development bonds to finance various projects and infrastructure improvements. Bond issues in 2010 and 2011 are helping finance the two major Calumet Avenue projects.
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In December, Munster officials purchased 11 acres within the Lake Business Center using $962,500 from the 2011 economic development bond issue.
"We will hold that land for use for a future train station," said DeGiulio.
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TIF funds are also being used for a number of other projects.
For example, the funds will be combined with two grants from the U.S. Department of Energy for the landfill gas-to-energy project that will collect methane gas and convert it into electricity at Centennial Park.
The complete $6 million to $7 million renovation of Community Park along Calumet Avenue is also financed through TIF funds. New ball fields, accessible playground and more restrooms are just part of the plans for this largest of Munster's parks.
Additional upgrades to town parks - including Westlakes and White Oak parks - will be financed with park bonds, said DeGiulio, who also oversees the Munster Parks Department.
All of these improvements add to the quality of life for the town's nearly more than 23,000 residents. It also helps attract businesses to the community, DeGiulio said.
Read more: http://www.nwitimes.com/news/special-section/munster-economic-development-booming/article_e06022e1-0cca-5879-82cf-3acf83d02053.html#ixzz1sdFpBZAY
