Redevelopment Adopts Confirmatory Resolution on Trupointe TIF
Posted
Jordan Fouts-
A new Tax Increment Financing District is expected to capture about $411,000 a year for infrastructure improvements in northern Kosciusko County, the county Redevelopment Commission heard Thursday. The commission adopted a confirmatory resolution for an 1,104-acre TIF surrounding Trupointe Cooperative Inc. north of Milford. Tax money from the district, which has a 25-year term, will be used to pay back a 20-year bond that will fund widening of CR 100E, which borders Trupointe’s property. The county will be the issuer of the bond, which Trupointe will purchase. Todd Samuelson, a partner with Umbaugh and Associates, said the TIF is expected to generate about $1.7 million above the cost of road widening. He added the tax capture of the district will have no impact on property taxes, and that impact statements on overlapping taxing entities, such as schools, show no negative impact. Commission members expressed hope that the Syracuse-Milford area will see additional development in the coming decades. They noted an additional TIF may eventually be established on the land between Trupoint’s property and Syracuse, and identified other road needs in the area which that may help meet. “We’re thinking with this whole corridor, it will be developed over the next 10 to 20 years,” said county Attorney Mike Miner. “There will probably be more TIFs as part of a larger development plan.” The town of Milford earlier established a TIF notched out of the south side of the Truepoint area, on about 200 acres zoned heavy industrial.
