Central TIF District Officially Expanded Without Former Marsh Location
WARSAW — The Warsaw Central TIF District was officially expanded during yesterday’s Redevelopment Commission Meeting. The expansion does not include the former Marsh location on Buffalo Street, which was previously proposed.
The resolution was originally introduced May 1 by the Redevelopment Commission. The planning council and city council approved the resolution and it was sent back to the Redevelopment Commission for final approval. The resolution adds land to the north and south of the existing Central TIF District. The northern portion will travel along Center Lake until Gilliam Drive. The southern portion includes the downtown area and Fribley Field.
At one point, the former Marsh location was added to the resolution. The board removed that location during the final approval. The removal was based on the “Dark Store Theory.” The vacant store could have a negative impact on the debt obligation of the TIF district.
“It would be better to leave it out,” explained Attorney Randolph Rompola. He further mentioned that if a buyer came forward with interest, the area could be added to the district in the future.
A few residents were present for the public hearing portion of the meeting. They had questions regarding how the expansion would impact their residential properties and property tax. It was explained that the expansion would have no impact on individual property taxes.
The board unanimously approved the expansion.
In other news:
- The board approved a claim with Sealmaster, Indianapolis, for $15,000. The funds will be used for road preservation on the east half of Polk Road.
- A contract with Umbaugh for the Airport Industrial Park Annexation Fiscal Plan was approved. This will allow Umbaugh to work on creating the plan, which will take 6-8 months. The fiscal plan is a necessary step in the annexation process.
- A statement was approved the specified that no excess funds will pass through the TIF districts. Any extra funds gathered will be used for future projects instead of being redistributed to other taxing districts.