City officials have approved transferring $4 million in Tax Increment Finance District funds into an account designated for the city’s railroad overpass project.
The city approved the creation of a non-reverting fund for the overpass in July, allowing the city to keep track of money toward the project at the State Road 46/State Road 11 intersection. The state has agreed to pick up $15 million, half of the project’s overall cost, while the city’s portion will come from different sources of funding.
The $4 million, which was unanimously approved by Columbus City Council on Tuesday, comes from the city’s Central TIF District. Other than the $4 million, other funding sources for the project includes $5.5 million from the Cummins Engine Plant TIF District funds; $1.5 million from CSX and Louisville & Indiana Railroads; $2.5 million state or federal highway programs; and Bartholomew County, which committed $1.5 million toward the project a month ago.