From: Sarah Cannon, president Columbus Redevelopment Commission
Columbus
Often I read/hear questions, around town, about how tax increment financing (TIF) is used in the community.
The City of Columbus, through the Columbus Redevelopment Commission, leverages TIF dollars to help build a strong community. The Redevelopment Commission is regulated by Indiana State Code 36-7-14, which designates the duties and powers of the Commission as it relates to how TIF funds can be used.
TIF funds can be used for public infrastructure, public safety projects, recreation facilities and workforce development grants. TIF funds cannot be used for roads, issues affecting our community related to the opioid crisis and maintenance and operational expenses.
It is easy to understand why people question the use of these funds for projects such as recreation or studies about TIF district development when there are clearly needs for funding the fight against the opioid crisis, street repairs etc. However, the use of TIF funds is regulated and these are not approved uses.
Also, the source of these funds is misunderstood. TIF is not coming from individual taxpayers’ income tax, real estate tax or personal property tax. TIF revenue is a very small percentage of the commercial and industrial property tax paid on properties that are situated in the TIF area.
In an effort to help citizens better understand the source and use of TIF dollars, the Columbus Redevelopment Commission has published a brochure that presents an overview of tax increment financing and how TIF dollars help promote business growth, expand economic and employment opportunities and improve quality of life.
This brochure can be found on the Redevelopment Commission website columbus.in.gov/redevelopment under the “What is TIF?” tab. The brochures are also available at City Hall in the office of Community Development, or, you can call 812-376-2547 to request that one be mailed to you.
