Continuously serving Kosciusko County since 1854
The Warsaw Redevelopment Commission approved a tax increment replacement levy for the Warsaw Central Development Area at its meeting Monday.
The levy replaces the money lost due to changes in a property tax replacement credit for school general funds.
"With the levy, we can get another tax rate that will allow us to put money back in that was taken out in 2003," said City Planner Jeremy Skinner.
In order to receive the levy, the Redevelopment Commission must estimate the tax increment replacement amount for each allocation area under its jurisdiction for the next calendar year.
The tax will be imposed on all taxable property in the district and will be at a rate sufficient to generate the tax increment replacement amount.
Commission member Savina Kralis made a motion to approve the tax increment replacement levy. Commission member Kyle Babcock seconded the motion.
The total net assessed value of the redevelopment district is $869,580,729.
The total incremental net assessed value of all allocation areas in the district is $62,760,678.
The Northern Economic Development incremental assessed value for allocation is $51,044,761, to be associated with Warsaw Community School Corp.
The estimated tax incremental assessed value for the allocated area is $11,715,917.
The commission also approved a claim to transfer funds from the allocation fund to the bond and interest fund for tax increment bonds from 1991 for $4,517.50.
Kralis made a motion to approve the claim and Babcock seconded the motion.
Skinner said this will be the last interest payment made by Warsaw for the claim.
The commission also discussed a strip mall location by Kohl's where five spaces are for lease.
Skinner said the area has been cleared for commercial and industrial uses, not residential.
"There has been some interest in the area and we need to work with those who have looked at it and see what they think are pluses and minuses of the area and what entices them," Skinner said.
Babcock recommended the site be used as a small business incubator.
"I think we should look into a concept where the property could be used for affordable office space for business owners," Babcock said.
He suggested the location also could be used for business seminars.
"It would be marvelous to have the opportunity to grow our small businesses."
Skinner suggested the commission research the idea of having the space used as a small business incubator.
The commission will meet again Sept. 11 at noon at city hall.
