A proposal aimed at boosting the Southside’s economic prospects is on hold for two more months while Indianapolis city leaders
sort out differences over TIF districts.The proposed Madison Avenue Economic Development Area would corral portions of the city from Downtown to the Johnson County line. Potential developers in that area could seek city incentives, including tax abatement, loans and grants.
Tax-increment financing isn’t in the mix yet, but City-County Council sponsor Jeff Miller asked the Metropolitan and Economic Development Committee tonight to delay consideration of the proposal until Dec. 16.
That’s because the measure is caught up in discussions between the council and Mayor Greg Ballard’s administration about TIF policies. TIF districts divert the growing portion of property taxes to support
new development and improvements.“A lot of discussion is that we want to create guidelines for TIF usage,” Miller said. “And while this does not create a TIF, it does open the door for it.”
The administration is weighing recommendations from the council’s TIF Study Commission that are aimed at reining in the use of TIF and protecting taxpayers.
http://www.indystar.com/article/20131021/NEWS05/310210073
