The statute over Redevelopment Commissions and the use of Tax Increment Financing is found in IC 36 -7-14.
Nashville, Indiana – TIF-Economic-Development-Plans
- “Based on the assumption that the Redevelopment Commission could receive $4,000,000 in increment over the life of the Tax Increment Financing area, the Commission could spend approximately $4,000,000 on infrastructure in or serving the area.” (pg 30)
Oct 19, 2021. RDC moving forward with residential TIF
- Update on residential tax-increment financing
- The Nashville Redevelopment Commission met on Aug. 3 and further discussed the progress of establishing residential tax-increment financing.
- The process of establishing residential TIF is ongoing.
- The first meeting for public comment was held in June. The then commission provided a 30-day notice of a meeting to review their economic development plan. Due to the meeting being canceled, the commission will submit another notice.
- “Once we’ve done that, we’ll be in a place to create a declaratory resolution,” adviser Ed Curtin said.
- “We’ll need to then go back to the school to hopefully gain their support and get a resolution from there to create TIF and complete our steps.”
- Nashville Redevelopment Commission RDC) Meeting. April 6, 2021 5:30 pm. Nashville’s Tax Increment Financing (TIF) plans were briefly reviewed. Note: “Indiana law now makes clear that TIF is intended to fund infrastructure to promote development that would not occur but for the added infrastructure financed by the TIF revenues. Evidence that the development would not happen but for the establishment of the TIF district must be presented before the TIF district is approved.”
- Ed Curtin (Nashville consultant) confirmed that they have not received any formal requests for subsidies from any developers. In the past, Hard Truth Hills has not asked for a subsidy.
- The “So What?” A TIF directs the increases in property tax revenue from development to the Nashville RDC and not the county. The RDC borrows money to fund infrastructure with the assumption that the investment in infrastructure will generate sufficient funds to make payments on the loan (s).
- The residential TIF was also discussed. By law, the Schools are required to be involved in the plans. In the larger counties such as Hamilton, plans for residential developments can lead to a need for additional schools – thus the need to keep schools involved. Brown County Schools have the capacity to accommodate the projected growth in housing.
- Mar 2, 2021. Town starting process of creating a comprehensive plan, By Sara Clifford
- Nashville Sanitary Sewer Master Plan July 15, 2020 (173 pages)
- The Nashville Redevelopment Commission has put together an economic plan and declaratory resolution which will go to the Brown County Area Plan Commission this week for approval, then to the Nashville Town Council as early as March.
- If the documents pass those two steps, they would go back to the redevelopment commission for a confirmatory resolution.
The Use of Tax Increment Finance by Indiana Local Governments, Larry DeBoer
Department of Agricultural Economics Purdue University
- Indiana law now makes clear that TIF is intended to fund infrastructure to promote development that would not occur but for the added infrastructure financed by the TIF revenues. Evidence that the development would not happen
but for the establishment of the TIF district must be presented before
the TIF district is approved.
Jul 6, 2018. BCD. Town won’t capture taxes from newest big business by Sara Clifford – The Nashville Redevelopment Commission isn’t planning to get incremental tax revenue from the building of the Nashville’s newest big development, Hard Truth Hills, because…
- The Nashville Redevelopment Commission isn’t planning to get incremental tax revenue from the building of the Nashville’s newest big development, Hard Truth Hills, because it was never placed into a redevelopment or economic development area. Resident Pam Gould asked why at the commission’s last meeting.“They didn’t ask for it,” said commission and town council member Jane Gore.
Jun 1, 2018 BCD. Town considering tax abatement for small business By Sara Clifford – A long-vacant shop in downtown Nashville could get torn down and rebuilt if a local couple’s plan comes together. Part of that plan is to…