From a lengthy article in the Indianapolis Business Journal:
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TIF districts capture growth in assessed value, thus increased property-tax revenue, to cover the cost of new infrastructure or other government spending. TIF skeptics, including Democratic City-County Councilor Brian Mahern, who created the study commission, worry that continuing to liberally use TIF districts for economic development will choke off revenue that’s already declined since Indiana capped property-tax rates in 2009.
The commission’s report is merely a set of recommendations, so it will be up to City-County Council members or state legislators to propose specific laws. If pushed by the Democrat-controlled council, some of those items would surely meet opposition from Republican Mayor Greg Ballard.
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One of the report’s 31 recommendations is to create sunset dates for TIF districts that have none. That would include the downtown TIF, which encompasses $2.6 billion of assessed value and captures $63.5 million in property-tax revenue this year.
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Among other recommendations in the report:
— Focus the use of TIFs on blighted areas;
— Require a cost-benefit analysis as part of all TIF project applications;
— Build a TIF database and maintain TIF website for public access;
— Include representatives of local taxing units, such as schools and the library, on TIF project teams;
— Expand notice and reporting requirements to taxing units affected by TIF.
See the full article here:
http://www.ibj.com/commission-may-recommend-more-limits-on-local-tifs/PARAMS/article/35237
