From the Fort Wayne Journal-Gazette:
The city’s redevelopment commission Monday approved its 2013 tax increment policy, setting which taxing areas will receive property taxes and which will not.
The policy for next year includes districts at two industrial parks – Summit and Centennial – that will not receive property tax revenue in 2013. The decision will divert more than $600,000 in property taxes from the special taxing districts back to general government purposes.
Greg Leatherman, executive director of redevelopment, said there are no immediate needs for the money, so the city decided to stop collecting revenue for the area. Should money be needed, such as for an expansion of Washington Center Road, he said the city could resume collecting tax increment in future years.
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Leatherman said with the decision, the city will have five active districts that won’t be collecting any money because it is not needed.
The commission’s policy also started two newer districts, although little revenue is expected to come from them at first. The Renaissance Pointe area, just south of downtown, will begin diverting new property taxes into the special district. Several housing projects are scheduled for the area, as this district uniquely is able to capture revenue from residential development.
The other area the city will begin collecting increment taxes is on Adams Center Road, north of Paulding Road.
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