From the Terre Haute Tribune Star:
An Indiana Senate bill that would sunset the city’s first tax increment finance district concerns Cliff Lambert, director of the Terre Haute Department of Redevelopment.
Lambert testified last week before the Indiana House Ways and Means Committee that Terre Haute’s original downtown tax district, established on Nov. 14, 1985, was to fund, through the payment of a general obligation bond, and construct the city’s first downtown parking garage.
In addition, the district was used to pay for a bond to construct the Center City building, which has 33 apartment units and commercial space on the first floor. Both of those structures are now under private ownership and are on the city’s tax rolls.
“The key heartburn to me is the death star [the proposed legislation] puts on our downtown TIF. It would cause it to go from an unlimited life to a sunset in the year 2025 or whenever bond indebtedness in the district is paid off,” Lambert said Monday about Senate Bill 118.
Lambert has been lobbying Wabash Valley legislators about the impact of the proposed bill on Terre Haute. The bill was up for its third reading Monday in the Indiana House. The bill included an amendment exempting a downtown TIF district in Indianapolis. Lambert contends Terre Haute should also receive such an exemption.
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http://www.tribstar.com/local/x2118253876/Senate-considers-bill-to-end-TIF
