From the Northwest Indiana Times:
The Redevelopment Commission unanimously approved the expansion of the city's Southport Allocation District, commonly referred to as the city's tax increment financing district.
...
Before the hearing, Shepherd went through the list of 17 parcels being added to the TIF district. The parcels, scattered throughout the city, will be targeted for improvements, from the police station and street department to areas for bike trails, city welcoming signs, extensions of roads and stormwater sewer improvements.
By including the areas within the districts, Snyder said, the city can use redevelopment funds to accomplish improvements.
A second portion of the amendment will allow the Redevelopment Commission to buy property when it is put up for sale and if it is an interest to the city.
The city acted on that language immediately after its passage.
Commission members authorized Shepherd to begin planning the purchase of the property housing Don's Motel on the city's west side on U.S. 20. The motel is in foreclosure. The city will obtain two appraisals on the property and begin negotiations with the bank holding the mortgage.
http://www.nwitimes.com/news/local/porter/portage/portage-redevelopment-commission-approves-expansion-of-tif-district/article_0c0c5e37-3ac0-59e0-aab6-2bebbf619819.html
