From the Northwest Indiana Times:
The city is expanding its tax increment financing district to facilitate improvements to the U.S. 30 corridor and the remaining sections of Ind. 130 within the city.
The actual TIF would apply only to the roads and the right-of-way on each side, Stuart Summers, executive director of the city's Redevelopment Commission, told the commission Wednesday.
The expansion will not create new revenue, but it will allow the commission to use its TIF funds for things such as sewer construction and to provide facade grants to businesses in those corridors.
The Indiana Department of Transportation has turned over control of Ind. 130 to the city. The expansion will add the section of Sturdy Road from U.S. 30 to the roundabout at LaPorte Avenue and the portion from Joliet Road to the west city limits to the TIF.
As part of the agreement for assuming control of the former Ind. 130, the city is to receive $18 million in federal funds for the U.S. 30 corridor improvements. Summers said the expansion will enable the commission to leverage those funds with the city funds to do even more.
A concept plan done by a consultant in 2011 calls for a number of beautification projects along the corridor as well as safety improvements to several major intersections. The expansion on Lincolnway will make even more properties eligible for programs such as curb replacement and facade grants.
Another leg of the expansion would add Washington Street/Ind. 2 from Monroe Street south just past the former Fetla's Trading Post. The owners of Fetla's are seeking annexation to the city and connection to the city sewer system.
The commission approved a resolution declaring its intent to expand the TIF. The issue now goes to the city's Plan Commission for a recommendation at its July 10 meeting, and it is expected to be considered by the council at it's July 24 meeting. It could be back before the redevelopment commission for final approval Aug. 14.
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http://www.nwitimes.com/news/local/govt-and-politics/valpo-to-add-u-s-ind-to-tif-district/article_b13c78d4-b841-5b5a-8dd1-75865741dc6d.html
