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.