City May Expand North TIF District
July 28, 2016 at 4:25 p.m.
Warsaw's Redevelopment Commission will consider expanding the northern tax increment financed district by approximately 90 acres in January.
The move, according to city planner Jeff Noffsinger, will allow the city to take advantage of a possible major retail development planned near the Ind. 15/U.S. 30 interchange and the new Sofamor-Danek facility under construction at U.S. 30 and CR 150W.
"We need to look at expanding the northern TIF district after the Sofamor-Danek annexation takes effect on Jan 19," Noffsinger told the board. "This will allow us to capture the increase in assessed value from Danek and on other development that is proposed adjacent to the Petro property."
Noffsinger said state statute allows for only a 20 percent increase in size for a TIF district in any given year.
"While the Sofamor-Danek increment will be primarily used to pay for the improvements to the sewer and water lines there, the other development could go a long way in helping to fund the second sewage treatment facility that would be located in the district," he said.
Th commission will consider the issue at a Jan. 20 meeting.
The RDC consists of: Neal Carlson, Jerome Kralis, Charlie Smith, Bob Steele and Tammy Rockey. [[In-content Ad]]
Warsaw's Redevelopment Commission will consider expanding the northern tax increment financed district by approximately 90 acres in January.
The move, according to city planner Jeff Noffsinger, will allow the city to take advantage of a possible major retail development planned near the Ind. 15/U.S. 30 interchange and the new Sofamor-Danek facility under construction at U.S. 30 and CR 150W.
"We need to look at expanding the northern TIF district after the Sofamor-Danek annexation takes effect on Jan 19," Noffsinger told the board. "This will allow us to capture the increase in assessed value from Danek and on other development that is proposed adjacent to the Petro property."
Noffsinger said state statute allows for only a 20 percent increase in size for a TIF district in any given year.
"While the Sofamor-Danek increment will be primarily used to pay for the improvements to the sewer and water lines there, the other development could go a long way in helping to fund the second sewage treatment facility that would be located in the district," he said.
Th commission will consider the issue at a Jan. 20 meeting.
The RDC consists of: Neal Carlson, Jerome Kralis, Charlie Smith, Bob Steele and Tammy Rockey. [[In-content Ad]]