A financing mechanism is now in place to pay for developing 137 acres of farmland viewed as having the potential to create up to 1,000 new jobs in LaPorte.
The City Council on Monday night approved placing the undeveloped land at the Thomas Rose Industrial Park in a tax increment financing district.
LaPorte Mayor Blair Milo said the existing 150 acres developed at the park is already in a TIF, which captures tax revenue generated by increases in the assessed property value from improvements within the district. That money is reinvested back into the district.
Dollars from the existing TIF, along with money created in the new TIF, will be used for roads, water, sewer and storm drainage in the undeveloped site, Milo said.
Adding to the optimism about job creation are plans to extend rail to the site to help existing and prospective companies with shipping.
Greater LaPorte Economic Development Corporation Executive Director Bert Cook said the rail extension will come into the park from the existing Chicago South Shore Freight line. The line will extend first to American Licorice then later throughout the remainder of the park to serve existing and new businesses.
The park is home to 11 manufacturing firms with room to add roughly a dozen more once the infrastructure is complete, Cook said.
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http://www.nwitimes.com/news/local/laporte/city-of-laporte/laporte-oks-expanding-tif-district-for-job-creation/article_0473d23c-23b8-53ac-9d07-317495d6bc00.html
See also the LaPorte Herald-Angus:
City officials are hoping a tax increment financing expansion at the Thomas Rose Industrial Park will help its developer bring in even more jobs and improvements to the area.
During a meeting of the La Porte City Council on Monday, members voted unanimously to approve a roughly 100-acre expansion of the Thomas Rose Industrial Park TIF district.
La Porte Mayor Blair Milo said the expansion allows more tax revenue from the district to go into developing infrastructure and bringing utilities to the industrial park, which is going to introduce dual rail service and provide up to 1,000 new jobs.
Bert Cook, of the Greater La Porte Economic Development Corporation, said this expansion is per the request of the developer—Space Center—and will help develop the area and bring in more jobs and capital improvements.
Milo said this was a great opportunity to move forward and make a sizable step for the city's economic base.
In unrelated matters, council members reviewed a proposed ordinance setting requirements for mobile vendors.
Councilman Ron McAtee said the ordinance would, among other things, limit the hours of operation of mobile street vending vehicles to between 6 a.m. to 9 p.m., prevent them from running cables across the sidewalk, and stop them parking in areas that would obstruct traffic.
McAtee said the ordinance was written in response to resident concerns when code enforcement realized the city did not have any ordinance addressing such businesses.
He said the city's version is based off of ordinances in South Bend and Valparaiso.
http://heraldargus.com/articles/2013/03/19/news/local/doc5147d5093bbfd362126325.txt
See also the LaPorte Herald-Angus:
City officials are hoping a tax increment financing expansion at the Thomas Rose Industrial Park will help its developer bring in even more jobs and improvements to the area.
During a meeting of the La Porte City Council on Monday, members voted unanimously to approve a roughly 100-acre expansion of the Thomas Rose Industrial Park TIF district.
La Porte Mayor Blair Milo said the expansion allows more tax revenue from the district to go into developing infrastructure and bringing utilities to the industrial park, which is going to introduce dual rail service and provide up to 1,000 new jobs.
Bert Cook, of the Greater La Porte Economic Development Corporation, said this expansion is per the request of the developer—Space Center—and will help develop the area and bring in more jobs and capital improvements.
Milo said this was a great opportunity to move forward and make a sizable step for the city's economic base.
In unrelated matters, council members reviewed a proposed ordinance setting requirements for mobile vendors.
Councilman Ron McAtee said the ordinance would, among other things, limit the hours of operation of mobile street vending vehicles to between 6 a.m. to 9 p.m., prevent them from running cables across the sidewalk, and stop them parking in areas that would obstruct traffic.
McAtee said the ordinance was written in response to resident concerns when code enforcement realized the city did not have any ordinance addressing such businesses.
He said the city's version is based off of ordinances in South Bend and Valparaiso.
http://heraldargus.com/articles/2013/03/19/news/local/doc5147d5093bbfd362126325.txt
