Friday, April 18, 2014

Pharos-Tribune Reports Logansport Redevelopment Commission Proposes New TIF Expansion

From the Logansport Pharos-Tribune:

The Logansport Redevelopment Commission is now considering including land surrounding Water Street in a proposed consolidation of the city's tax increment financing districts.

A tax increment financing, or TIF, district, captures the increments of an area's total assessed value as it increases over time to use as incentives for development projects.

The city's three TIF economic development districts are located in the Cass County-Logansport Industrial Park, on the city’s east side and spanning an area between U.S. 35, Burlington Avenue and Main Street.

Logansport City Council voted in favor of the redevelopment commission's recommendation to combine these three districts into one large district last fall.

However, the consolidation is not yet possible because the land required to connect the industrial park district to to the one spanning U.S. 35, Burlington Avenue and Main Street is proposed annexation territory currently being contested in court by landowners.

Those in favor of the consolidation say it will allow for more flexibility in using TIF funds to attract development across the city than reserving collected funds for corresponding districts.

Because the city's downtown TIF district is a redevelopment district rather than an economic development district like the other three, it cannot be included in the consolidation and will retain its own funds.

In order to successfully complete the consolidation while awaiting an outcome on the annexation remonstrance, the redevelopment commission is considering designating about 257 acres around Water Street as a TIF district.