The Logansport Redevelopment Commission has proposed combining most of the city’s tax increment financing districts into one large district to allow for more flexibility when using funds to attract development to the city, members said.
Logansport currently has four tax increment financing, or TIF, districts. They are located in the Cass County-Logansport Industrial Park, downtown, on the city’s east side and spanning an area between U.S. 35, Burlington Avenue and Main Street. Portions of taxes from these areas are used as incentives to attract new development and redevelopment projects.
In July, the city’s four districts collected a total of almost $2,000, according to a report submitted by Logansport Redevelopment Commission president Bob Bishop at a commission meeting Monday.
The city’s redevelopment commission has proposed an expansion that would link all of the districts. Bishop said by combining the districts into one, TIF funds that were once only applicable to their respective districts could be used as incentives for new development throughout the city.
“If we combine, we don’t have to borrow,” Bishop said. “This gives us the flexibility. ... I hate to borrow money if we already have it.”
To do this, the commission has proposed extending the boundaries of the industrial park TIF district northward, which was recently made possible by the city’s recent annexation of territories south of the city. The proposed expansion then extends to the city’s downtown TIF district before spanning east to the east end district.
The north part of the downtown district would not be included in the proposed consolidation because it is considered an economic redevelopment district, meaning its TIF funds are used to attract redevelopment projects. The south part of the downtown district along with the three others the commission would like to consolidate are economic development districts, meaning their TIF funds are used to attract new development.
The extension between the city’s downtown and east end TIF districts consists mostly of residential properties without a lot of space for development, but Bishop said it was necessary in order to combine all of the districts.
The proposed consolidation also includes an expansion of TIF boundaries along the soon-to-be completed Ind. 25, which too became possible after that area came within city limits following the recent annexation.
Commission members approved the proposed amendment unanimously.
“I think it makes sense,” said Charlie Hastings, a commission member. “It really does.”
According to a proposed timetable for adopting the measures submitted by Bishop, the amendment will come before the Logansport Plan Commission next month. Should the commission approve it, it will go before a city council committee shortly thereafter. Should it be approved in committee, the measure will come up for a vote at city council’s Oct. 7 meeting. A public hearing on the matter will take place later that month.
Mitchell Kirk is a staff reporter at the Pharos-Tribune. He can be reached at 574-732-5130 or firstname.lastname@example.org.