Monday, June 9, 2014

Pharos-Tribune Reports Logansport Council Narrowly Approves TIF Consolidation

From the Logansport Pharos-Tribune:

Logansport City Council narrowly approved legislation earlier this week that would consolidate the city’s tax increment financing districts.

The approval followed positive recommendations from the Logansport Redevelopment Commission, which oversees the city’s tax increment financing, or TIF districts, and the Logansport Plan Commission.

City council passed two ordinances on the first of two readings Tuesday night allowing for the consolidation of the districts 4-3, with council members Jeremy Ashcraft, Chuck LaDow and Teresa Popejoy dissenting. Council members Joe Buck, Gary Fox and Charlie Hastings, who serve on the redevelopment commission, as well as councilman Bob Bishop, the commission’s executive director, voted in favor of the consolidation.

Proponents of the measure have expressed their support at past public meetings by saying the consolidation will provide more flexibility in using TIF funds to attract development across the city than reserving collected funds for corresponding districts.

The districts capture increments of their total assessed value as they increase over time to use as incentives for development projects.

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