Inidana Says NO to TIF Oversight
As reported in The South Bend Tribune, it’s just too darn hard to reign in TIFs.
An effort to shine more light on the appointed boards that make spending and borrowing decisions for tax-increment finance districts fizzled this year in the Indiana General Assembly out of concern new rules would hamper economic growth.
Redevelopment commissions have attracted more attention over the years as TIF districts have proliferated in the state. A Hamilton County lawmaker pushed for additional oversight this year after the Carmel Redevelopment Commission took on $95 million in debt to build a performing arts center.
Cities and counties create TIF districts to capture tax revenue linked to increased property values from new construction and use the money for improvements within the same district. Read the whole article.
The tool has been used extensively in St. Joseph County. TIF districts cover 40 percent of South Bend and 32 percent of Mishawaka, and captured a total of $51 million last year.