Logansport officials have concluded expanding and consolidating the formerly separate parts of the city where certain tax funds are used to improve infrastructure and draw in new businesses.
Tax increment financing, or TIF districts capture business property tax revenue from development that occurs after the date the district was created. These funds are then used to improve the area’s infrastructure and appeal.
The city’s three formerly separate economic development TIF districts were in the Cass County-Logansport Industrial Park south of town, on the city’s east side and spanning an area between U.S. 35, Burlington Avenue and Main Street.
Now they have been expanded and connected into one district. About 250 acres on the city’s northwest side near Water Street were also added.
Legislation to make it all possible included one resolution spelling out the expansion and consolidation of the districts. Another called for for the removal of a small portion of the city’s redevelopment TIF district downtown to allow for the connection of the Water Street portion to the rest of the district. The downtown district is not included in the consolidation and will retain its own funds.
The Logansport Redevelopment Commission, which oversees the city’s TIF districts, approved all measures as did Logansport City Council and the Logansport Plan Commission.
Supporters say the initiative will create more flexibility by allowing the use of TIF funds to attract development across the city rather than keeping funds in separate districts. Opponents say taking funds from public agencies for this purpose isn’t justified.
The Logansport Redevelopment Commission held legally required public hearings on the two resolutions allowing for the expansion and consolidation Monday night. About 850 parcel owners were notified and about 15 attended the hearing. No one spoke during the public comments portions of the hearings and several attendees declined to comment for this article.