Tribune Reports TIF to Fund LaPorte Industrial Park Expansion

From the South Bend Tribune:

A financing mechanism is now in place to pay for developing 137 acres of farmland viewed as having the potential to create hundreds of jobs in LaPorte.

The city council Monday night approved placing the undeveloped land at the Thomas Rose Industrial Park in a tax increment financing district.

Mayor Blair Milo said the existing 150 acres presently developed at the park and filled to capacity is already in a TIF, which captures tax revenue generated by increases in the assessed property value from improvements within the district.

Those monies are then reinvested back into the district.

 

Dollars from the existing TIF along with money created in the new TIF will be used to pay for roads, water, sewer and storm drainage at the undeveloped site, Milo said.

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http://www.southbendtribune.com/news/sbt-tif-to-fund-laporte-industrial-park-expansion-20130319,0,4008882.story