Tax Increment Finance District Created Around Gatke Area
July 28, 2016 at 4:25 p.m.
Redevelopment of the blighted Gatke Corp. property proceeded Monday with a Warsaw Redevelopment Commission resolution to create a tax increment financing district in the area.
The resolution incorporates several tracts south of Warsaw's Durbin Street and along Winona Avenue, between Argonne Road and Harrison Street.
While the Gatke land has been a topic of discussion for more than a year, Monday's meeting was the first time the other properties, besides the former state highway garages, were considered in any public forum for rehabilitation.
In addition to the Gatke property, the proposed Winona Interurban Redevelopment Area includes tracts owned by Warsaw Chemical Co., S&S Realty Corp., Smith Appliance of Warsaw, the Ray Bockman Revolving Trust, Dalton Foundries Inc. and the state of Indiana, totaling 13 acres.
All the tracts either have vacant or deteriorated structures and present potential environmental hazards. The Smith Appliance property has a small warehouse. The Dalton Foundries property is used for outdoor storage. Warsaw Chemical uses a strip of land for warehousing. The other properties are undeveloped.
The zoning classification in the area is I-3/Heavy Industrial.
City planner Jeff Noffsinger said the state has received permits to demolish buildings on its land. Underground storage tanks also will be removed there.
Bids to remove asbestos material from the Gatke property were to be opened this morning at a special Board of Works meeting. This work is expected to begin around Nov. 1 and be completed in two weeks.
Noffsinger expected to receive an auditor's deed from the county for the Gatke property today; however, that business won't take place until Oct. 22. The city must own the property before remedial action occurs.
The TIF district will not be financed through bond issue. Instead, it will be considered a "pay as you go" arrangement.
The city secured a Community Development Block Grant of $300,000 to assist with the demolition and environmental remediation of the Gatke property. A $175,000 low interest (2.5 percent) loan was received from the Indiana Development Finance Authority. The city is providing $25,000 in local funds.
As structures are demolished and new buildings are constructed, increases in assessed valuation will be captured and "new" taxes generated will be applied toward the IDFA loan and reinvested in the district.
Establishing the area as a TIF district will be reviewed by the plan commission Oct. 14 and come before the city council Oct. 21 for final approval.
Members of the redevelopment commission include Charlie Smith, Bob Steele and Neal Carlson. Jerry Kralis and Tammy Rockey were absent. [[In-content Ad]]
Redevelopment of the blighted Gatke Corp. property proceeded Monday with a Warsaw Redevelopment Commission resolution to create a tax increment financing district in the area.
The resolution incorporates several tracts south of Warsaw's Durbin Street and along Winona Avenue, between Argonne Road and Harrison Street.
While the Gatke land has been a topic of discussion for more than a year, Monday's meeting was the first time the other properties, besides the former state highway garages, were considered in any public forum for rehabilitation.
In addition to the Gatke property, the proposed Winona Interurban Redevelopment Area includes tracts owned by Warsaw Chemical Co., S&S Realty Corp., Smith Appliance of Warsaw, the Ray Bockman Revolving Trust, Dalton Foundries Inc. and the state of Indiana, totaling 13 acres.
All the tracts either have vacant or deteriorated structures and present potential environmental hazards. The Smith Appliance property has a small warehouse. The Dalton Foundries property is used for outdoor storage. Warsaw Chemical uses a strip of land for warehousing. The other properties are undeveloped.
The zoning classification in the area is I-3/Heavy Industrial.
City planner Jeff Noffsinger said the state has received permits to demolish buildings on its land. Underground storage tanks also will be removed there.
Bids to remove asbestos material from the Gatke property were to be opened this morning at a special Board of Works meeting. This work is expected to begin around Nov. 1 and be completed in two weeks.
Noffsinger expected to receive an auditor's deed from the county for the Gatke property today; however, that business won't take place until Oct. 22. The city must own the property before remedial action occurs.
The TIF district will not be financed through bond issue. Instead, it will be considered a "pay as you go" arrangement.
The city secured a Community Development Block Grant of $300,000 to assist with the demolition and environmental remediation of the Gatke property. A $175,000 low interest (2.5 percent) loan was received from the Indiana Development Finance Authority. The city is providing $25,000 in local funds.
As structures are demolished and new buildings are constructed, increases in assessed valuation will be captured and "new" taxes generated will be applied toward the IDFA loan and reinvested in the district.
Establishing the area as a TIF district will be reviewed by the plan commission Oct. 14 and come before the city council Oct. 21 for final approval.
Members of the redevelopment commission include Charlie Smith, Bob Steele and Neal Carlson. Jerry Kralis and Tammy Rockey were absent. [[In-content Ad]]