The Eastern TIF Economic Development Area will encompass the property where the new Meijer store is being constructed, and adjacent property to the east purchased by the Kosciusko YMCA. It also includes Biomet and a 13-acre tract of land that is bordered by both Anchorage Road and U.S. 30 and will be site of a new commercial development.
A TIF district enables the city to collect property tax revenues on new assessed value. That revenue can then be used to pay for infrastructure or other improvements within the designated area. TIF districts can be designated as either a redevelopment area or as an economic development area. An economic development area requires the finding of significant economic benefit, jobs and private investment, for the community.
The purpose of the Eastern TIF Economic Development Area, said city planner Jeremy Skinner, is to pave the way for the city to expand city water and wastewater services to the area north of U.S. 30 and eventually to the area of the Warsaw Municipal Airport.
Although the process to establish the district is far from over, with two boards already in agreement, it seems likely the Warsaw Common Council will also vote in favor of the resolution. Once the common council votes, the resolution will then go back to the redevelopment commission where it will be set for public hearings.
The resolution to establish the Eastern TIF Economic Development Area will be presented to the Warsaw Common Council for a vote at the Monday, Sept. 17, meeting.