From the Northwest Indiana Times:
The city is looking to expand its tax increment financing district, not so much as a tax revenue source, but to target areas for redevelopment.
The Redevelopment Commission recently approved a resolution expanding the district and authorizing land acquisition as a use of the district's funds.
The resolution will go to the city's Plan Commission on Monday, then to the City Council, likely in August, before returning to the Redevelopment Commission for a public hearing, said John Shepherd, the city's economic development adviser.
The last expansion of the TIF district was approved in 2006.
The expanded district, formally called the Southport Allocation Area, will take in 17 additional parcels of land scattered throughout the city.
In general, said Shepherd, land is designated within a TIF district prior to commercial or industrial development as a way to generate new taxes. The areas within the proposed expansion are primarily areas within residential zoning and currently owned by the city or targeted to be purchased by the city.
...
By including the areas targeted for public improvements inside the city's TIF district, Redevelopment Commission funds can be used for their development or redevelopment reducing the need to go to the city's general bonding power, which would affect the tax rate, he said.
http://www.nwitimes.com/news/local/porter/portage/portage-considers-expanding-tif-district-with-scattered-parcels/article_2b1ae2c8-1803-51d5-8f68-718eb77b24ae.html
