The Town of Munster’s Tax Increment Financing District was established by the Town Council in 2006 and first-year revenues were $600,000 in 2007.
This year we anticipate receiving $5.2 million generated from the increase in Assessed Value of the property located in the Economic Development Area. The underlying value remains in the overall Assessed Value of the town.
The Town Council established the EDA to include everything on Calumet Avenue north to south; Ridge Road from Columbia Avenue west to the state line, and all of East and West 45th Street.
Revenues are restricted to uses that improve and/or benefit the EDA and areas adjacent to it. Although the uses are restricted to certain areas of the community, all of us benefit from the many projects that have been completed.
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One of the major responsibilities of the Munster Redevelopment Commission is to attract new business and foster redevelopment of established areas of town.
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