City Looks To Expand Residential TIF Districts
October 4, 2022 at 1:34 a.m.
City Looks To Expand Residential TIF Districts
By Dan Spalding-
The city created a northern residential TIF district and a southern residential TIF district about three years ago as a way to help spur more housing construction in the city.
Warsaw Community Economic and Development Director Jeremy Skinner introduced the expansion idea to the Warsaw Redevelopment Commission on Monday.
Alta Vista, south of Old 30 near the Kosciusko County Highway Department, would be added to the northern TIF district. The second development will be south of Park Ridge and east of South County Farm Road on the city's south side.
The city annexed both development areas in the past year with plans to extend some utilities.
Expanding the TIF districts to include those specific areas will allow the city to direct revenues generated in the districts to help offset infrastructure costs associated with extending utilities.
“Both properties have had a lot of conversation over the last five years (with the city) trying to get them to be annexed in. I think this residential TIF has created the avenue to do that – for both of them,” Skinner said.
Expanding housing opportunities in the city has been a top initiative of the city for several years as it continues to see its population rise. While the city has broadly used standard TIF districts for decades, the city was quick to investigate and establish TIF districts for residential after state law established them several years ago.
Much like the process of establishing the TIF districts, the process of expanding will involve lots of meetings, public input and approval by numerous city boards, Skinner said.
He said he expects the subdivision to develop over the next five to seven years if everything goes as planned.
In another matter, the Redevelopment Commission heard an update on the upcoming construction of an apartment complex on where the former Arnolt building formerly stood. Sixty apartment units are planned.
The city is in the process of transferring ownership to RealAmerica, the developer.
The city was also informed that the apartments will be known as 2525.
Signs of the initial construction on the site are already apparent with erosion control devices in place.
The board also approved a temporary construction license agreement with RealAmerica that will be used for a short time period as the city transfers possession of the land.
Meanwhile, a new sign at the site along Durbin Street and east of Argonne Road suggests the apartments will be completed in about a year.
The city created a northern residential TIF district and a southern residential TIF district about three years ago as a way to help spur more housing construction in the city.
Warsaw Community Economic and Development Director Jeremy Skinner introduced the expansion idea to the Warsaw Redevelopment Commission on Monday.
Alta Vista, south of Old 30 near the Kosciusko County Highway Department, would be added to the northern TIF district. The second development will be south of Park Ridge and east of South County Farm Road on the city's south side.
The city annexed both development areas in the past year with plans to extend some utilities.
Expanding the TIF districts to include those specific areas will allow the city to direct revenues generated in the districts to help offset infrastructure costs associated with extending utilities.
“Both properties have had a lot of conversation over the last five years (with the city) trying to get them to be annexed in. I think this residential TIF has created the avenue to do that – for both of them,” Skinner said.
Expanding housing opportunities in the city has been a top initiative of the city for several years as it continues to see its population rise. While the city has broadly used standard TIF districts for decades, the city was quick to investigate and establish TIF districts for residential after state law established them several years ago.
Much like the process of establishing the TIF districts, the process of expanding will involve lots of meetings, public input and approval by numerous city boards, Skinner said.
He said he expects the subdivision to develop over the next five to seven years if everything goes as planned.
In another matter, the Redevelopment Commission heard an update on the upcoming construction of an apartment complex on where the former Arnolt building formerly stood. Sixty apartment units are planned.
The city is in the process of transferring ownership to RealAmerica, the developer.
The city was also informed that the apartments will be known as 2525.
Signs of the initial construction on the site are already apparent with erosion control devices in place.
The board also approved a temporary construction license agreement with RealAmerica that will be used for a short time period as the city transfers possession of the land.
Meanwhile, a new sign at the site along Durbin Street and east of Argonne Road suggests the apartments will be completed in about a year.
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