Porter County is one step away from adopting an ordinance
establishing its own redevelopment commission with the ability to propose tax
increment financing (TIF) districts similar to those set up by cities and towns.
All three commissioners gave the nod to a first reading of the
ordinance on Tuesday and set the date for the second reading on June 19.
...
The former advisory redevelopment commission, which had nine
members, could only make suggestions to the commissioners on matters like
federal grants, such as the one sought for the Lake Eliza area and another for
the historic Collier Lodge on the Kankakee River, Shepherd said.
The new redevelopment commission can obtain grants on its own
terms. Tax revenue collected will be used strictly for economic development and
create opportunities and environments for jobs through new infrastructure such
as water, sewers and roads. “The idea is job creation,” said Shepherd.
...
Redevelopment commissions can also receive money by grants or by
offering bonds, Shepherd said.
According to Shepherd, the Redevelopment Commission would have no
taxing powers, saying that is reserved for a governmental unit’s fiscal body.
...See the full story here:
http://chestertontribune.com/PorterCounty/county_tif_board_a_step_closer.htm
