Winona Lake Redevelopment Approves Residential TIF Creation Resolution
October 8, 2020 at 3:57 a.m.
By Amanda [email protected]
The area encapsulates a number of the new developments that will be going in south of Stonehenge Golf Course, at the former Raccoon Run golf course and other areas in Winona Lake including the area north of Heritage Lakes and along Pierceton Road to Miller Field.
If approved by the Winona Lake Plan Commission, Warsaw Community School Board and Winona Lake Town Council, the town would be able to collect tax increment dollars on new residential property in the area. The vote Wednesday also designated Indiana American Water as a taxpayer to pay personal property taxes with respect to water line improvements the town will install and give the contract to American Water.
The proposed plan for former Raccoon Run is to build houses there with a nine-year build-out plan to be done in three phases, with each phase lasting three years, starting in 2021, Jim Higgins, financial adviser at London Witte, said. The amount of homes, the cost of the homes and the timing are still to be determined, Higgins said, but ideally the homes that would be built in 2021 and not assessed until 2022 and the town wouldn’t collect those TIF dollars until 2023.
Higgins said he will prepare a tax impact statement that will be distributed and shared with all of the entities involved, and a public hearing will be held if the residential TIF district is approved by all boards.
The area encapsulates a number of the new developments that will be going in south of Stonehenge Golf Course, at the former Raccoon Run golf course and other areas in Winona Lake including the area north of Heritage Lakes and along Pierceton Road to Miller Field.
If approved by the Winona Lake Plan Commission, Warsaw Community School Board and Winona Lake Town Council, the town would be able to collect tax increment dollars on new residential property in the area. The vote Wednesday also designated Indiana American Water as a taxpayer to pay personal property taxes with respect to water line improvements the town will install and give the contract to American Water.
The proposed plan for former Raccoon Run is to build houses there with a nine-year build-out plan to be done in three phases, with each phase lasting three years, starting in 2021, Jim Higgins, financial adviser at London Witte, said. The amount of homes, the cost of the homes and the timing are still to be determined, Higgins said, but ideally the homes that would be built in 2021 and not assessed until 2022 and the town wouldn’t collect those TIF dollars until 2023.
Higgins said he will prepare a tax impact statement that will be distributed and shared with all of the entities involved, and a public hearing will be held if the residential TIF district is approved by all boards.
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