A joint meeting of three government entities convened Thursday to move along legalities concerning the economic development area for Louis Dreyfus Agricultural Industries LLC. The county redevelopment commission, development commission and council approved a resolution and an ordinance to create the tax increment financing district just south of Claypool along Ind.15. When an area is designated as a TIF, the taxes normally collected in that area are used to pay the loan, or bond, secured for improvements.The improvements can be buildings, roadways, sanitary sewer lines and similar infrastructure.The low-interest bond or loan is traditionally guaranteed by a government agency. Lisa Lee, an attorney with Ice Miller, explained that the redevelopment commission's resolution pledges between 80 and 85 percent of real and depreciable personal property taxes will be used to pay off the revenue bond.
TERESA SMITH, Times-Union Staff Writer- | July 28, 2016