Money that comes from tax increment financing districts usually stays in those districts.
But, at its meeting Wednesday night, the Monroe County Redevelopment Commission might consider using money from one of Monroe County’s three TIF districts to fund a project outside of the designated area.
Mainstreet Property Group LLC, a Cicero, Ind.-based investment group
, is asking the redevelopment commission to consider financing infrastructure improvements for a property on Ind. 48 with TIF funds, though the property lies just outside of the county’s Westside TIF. The company wants to build a skilled nursing and assisted-living facility on the land.
, is asking the redevelopment commission to consider financing infrastructure improvements for a property on Ind. 48 with TIF funds, though the property lies just outside of the county’s Westside TIF. The company wants to build a skilled nursing and assisted-living facility on the land.
Mainstreet Property Group’s nursing home would be the first time the redevelopment commission used TIF money to invest in a project outside of the district since the language defining how TIF money may be used was tightened in 2008, said Jeff Cockerill, attorney for Monroe County.
in a project outside of the district since the language defining how TIF money may be used was tightened in 2008, said Jeff Cockerill, attorney for Monroe County.
“It’s a use of taxpayer money to provide an incentive for a business to come into town, or to locate there,” Cockerill said. “What’s interesting here is: we’re incentivizing a behavior we haven’t incentivized before. That issue is one that is very interesting.”
The Mainstreet project raises issues that other projects haven’t, including the fact that the nursing home already has competition in the area, and whether the improvements would affect a significant portion of county residents.
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