From the Terre Haute Tribune Star:
Terre Haute’s special economic development taxing districts, known as TIF districts, are in good financial shape, according to a report given Wednesday to the city’s five-member Redevelopment Commission.
Jason Semler of H. J. Umbaugh & Associations, an Indianapolis consulting and accounting firm, told the commissioners each of the city’s “tax increment finance districts” are generating enough new property taxes to cover outstanding debt.
The districts include the downtown TIF district, the Fort Harrison Industrial Park, the east-side Indiana 46 TIF and a small TIF established for Jadcore, a Terre Haute manufacturer.
The downtown and Indiana 46 TIF districts are the most active, with current or future construction in the works. Often, TIF districts help companies and developers receive loans with the agreement the loans will be at least partially repaid using new property taxes generated by the new projects.
TIF districts are “one of the few really good tools that second class cities have to work on infrastructure projects and the like,” said Cliff Lambert, executive director of the Department of Redevelopment, which manages the city’s TIF districts.
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See the full article here:
http://tribstar.com/local/x6233499/Redevelopment-Commission-hears-TIF-districts-in-good-shape
