From the Northwest Indiana Times:
The city's tax increment financing district won't officially include the U.S. 30 corridor until Aug. 8, but the first customer hoping to take advantage of it already is waiting.
The expansion of the TIF to include all of U.S. 30 within the city, all of Ind. 130 within the city and the Washington Street/Ind. 2 corridor from Monroe Street to the city limits was approved by the City Council on Monday. Now it goes to the city's Redevelopment Commission on Aug. 8 for a public hearing and a final vote.
Although the new TIF territory includes only the property within the roads' rights of way, it will allow the city to use TIF revenue to provide incentives to businesses interested in building or redeveloping a site, extend city utilities, improve intersections and provide landscaping and other improvements along those corridors.
If the expansion is approved as expected, the next item on the agenda will be setting up a facade grant program for U.S. 30 similar to those offered for businesses in several other areas of the city, in which they can get half the cost of exterior improvements reimbursed up to a maximum of $25,000.
Assuming that is approved, too, Nohit Patel will be next up with a request for a $25,000 grant to pay for part of the exterior renovations to the former Holiday Inn Express on U.S. 30. Patel, a managing member of the project, said work already is under way on the building with the goal of opening it by the end of the year.
...
Redevelopment commission Executive Director Stuart Summers said plans call for spending $125,000 on the exterior and $552,600 on the interior.
http://www.nwitimes.com/news/local/govt-and-politics/approving-tif-expansion-just-the-start-for-valpo/article_5ebf6a6c-912e-576e-ace6-1e3753bdbee0.html
