Friday, April 11, 2014

Daily Journal Reports Greenwood OKs Expanding TIF

From the Johnson County Daily Journal:

A Greenwood board gave final approval to doubling the size of a taxing district that will collect property taxes for economic development projects such as replacing downtown streets and sidewalks.

The city redevelopment commission unanimously approved expanding the boundaries of a tax-increment financing, or TIF, district by 2,000 acres. The city is expanding its eastside TIF district to include more of downtown and properties nearly parallel to U.S. 31 between County Line Road and the city’s southern edge.

As part of the expansion, the commission agreed to give other local governments, including the library and Greenwood and Clark-Pleasant school districts, a way to get back at least some of the money captured in the TIF districts. These districts collect property taxes on new development and increased property values in an area. Schools, libraries and other governments then don’t collect the taxes as they would usually.