The Logansport Redevelopment Commission is planning to explore updating the city’s tax increment financing district maps after discovering some land parcels have been excluded.
Bob Bishop, a Logansport city councilman and president of the redevelopment commission, said it has come to his attention that some parcels of land have not been included in the city’s east end tax increment financing, or TIF, district.
“There were some parcels missing from our map,” he said.
TIF designates tax increments within a defined area to finance development projects in that area. One of the projects funded by TIF in the east end district is the movie theater currently being constructed between High Street and Lexington Road.
With these parcels being missing from the map, it means they’re not contributing to the TIF funds for the district.
GAI Consultants, an engineering firm with offices across the Midwest and East coast, has proposed to update the TIF maps for the city for an estimated cost of $25,000.
“That’s not a fixed figure,” Bishop told members of the redevelopment commission Wednesday. “We’re not approving that, that would just be a max they would charge to do the whole thing. If we do it, it may be $5,000. I just don’t know.”
Paul Hartman, superintendent of Logansport Municipal Utilities, said the original TIF maps were created and drawn through a collaboration of LMU, the Cass County Auditor’s office and the former Logansport-Cass Economic Development Foundation, now known as the Cass Logansport Economic Development Organization.
“The reason you need the map is that way you can do some good economic development and show people what you have,” Hartman said.
Hartman estimated the last time the TIF maps were updated was in the early 1990s, when the industrial park was built and the city’s industrial park TIF district was created.
Along with the map update, Bishop discussed the possibility of hiring GAI to conduct a study on all the TIF districts in the city to project future revenues.
“We may be looking into that too so we can have a better idea of what our revenue stream is for the TIF districts before we get too deep in offering anything,” he said.
Bishop said he didn’t know exactly how many parcels have been left out of the east end TIF district, but estimated two, adding that he wasn’t sure how much revenue they would contribute to the district.
“That’s the point, right there,” he said. “That’s what we’re talking about this study for... We were supposed to be getting taxes off it but we didn’t get it. That’s what threw up this red flag, so now it’s been proposed that we do this study.”
Mitchell Kirk is a staff reporter at the Pharos-Tribune. He can be reached at 574-732-5130 or email@example.com.