WARSAW — In a short meeting held Monday, April 3, the Warsaw Redevelopment Commission reviewed the Financial Reports for 2017, which covers the activity in 2016.
City Planner Jeremy Skinner presented the report to the board. He advised that the report has already been submitted to the state and was provided as reference material for the board members.
The report covers, in great detail, all of the approved Tax Increment Finance Districts within the City of Warsaw and the Warsaw Technology Park. TIF districts allow for the flexibility needed to promote and create economic opportunities within a community. According to the report, TIF districts have been used to develop the Warsaw Technology Park, incentivize the creation of more than 270 jobs, and generate over $750,000 per year in additional State and local taxes that are not collected by the TIF.
The report noted that in June the Warsaw Common Council and the Redevelopment Commission will be required to report on any pass thru excess TIF revenue for the various districts. The board is expected to report that no excess revenue will pass through to other taxing units, as all the funds will be used to current or future projects and debt obligations.
“We are trying to be proactive here and get ahead of the cost for projects,” explained Commission President Tim Meyer.
Skinner also presented the board with a schedule for amending the Warsaw Central Redevelopment Area. In March, a petitioner requested that the current area be extended further down Detroit Street. The board approved looking into the matter as the expansion would benefit other projects in the commission’s future.
The schedule includes the Redevelopment Commission adopting a resolution on May 1 with the hopes of holding a public hearing on the amendment in June.