From the Anderson Herald-Bulletin:
Anderson is laying more groundwork for a Fishers company to open on the city’s southwest side.
The Anderson Redevelopment Commission voted Tuesday to expand a Tax Increment Financing zone to include a roughly 50-acre plot just north of Nestlé USA’s facility, where industrial filtration manufacturer, Hy-Pro, plans to open later this year.
Tax Increment Financing is a way to fund redevelopment projects by using taxes that will be paid by businesses located within the TIF district — such as the ones that would be paid by Hy-Pro.
Hy-Pro’s initial agreement with the city included $1.9 million in TIF funds, based on the company’s projected employment numbers and property investment. The Redevelopment Commission approved that number last month.
All told, Hy-Pro’s investment would be roughly $10.5 million.
Tuesday’s meeting was to make the agreed upon TIF funds possible, said city economic development head Greg Winkler.
He said the added taxes could give the city more financial “flexibility for infrastructure projects, flexibility for redevelopment,” and could potentially draw more companies. After Hy-Pro’s land is removed, the city would be left with two roughly 20-acre plots to market to other developers.
Since expanding the TIF zone would involve changes to the Anderson’s redevelopment plan, it will have to be approved by other city organizations before it comes to fruition.
http://heraldbulletin.com/local/x1097426182/Commission-approves-expanding-TIF-zone
