Appointments have been made to a new commission working to attract development in northern German Township.
Members of the new Bartholomew County Economic Development Commission were nominated by different government entities, but all had to be confirmed by the Bartholomew County commissioners, which was completed Monday.
Michael Kinder (appointed by Columbus City Council), Greg Duke (appointed by Bartholomew County Council) and Kevina Schumaker (appointed by Bartholomew County commissioners) were approved as commission members.
The need for this new commission was explained April 13 to the county council by Jason Hester, president of the Greater Columbus Economic Development Corp.
Hester said there is a prospect looking at property in the county’s only Tax Increment Financing (TIF) district, which began as the 231-acre Meadow Lawn Farm.
While Meadow Lawn Farm district has not brought in new employers, northern German Township suddenly became far more attractive to developers when the TIF district was expanded by nearly 3,000 additional acres located north and east of Meadow Lawn Farm. The district received at least four visits from potential employers last year, Hester told the council last month.
Within the district, the new commission can recommend issuing a TIF anticipation bond to finance infrastructure—roads, water and sewer systems, buildings, amenities—that promotes new economic development. The county will continue to tax the existing assessed value of property in the district, but revenue generated by the added assessed value is diverted to repay the bond. New bonds are limited to last 25 years, but a TIF district can last up to 30 years.
According to state statutes, if the county’s seven-year-old redevelopment commission were to have a project that requires a request for a TIF anticipation bond, the matter must first go to the new commission. It will be their responsibility to hold a public hearing, adopt a plan and discuss the terms of financing, Hester said last month.
The plan and the terms would next go to the Bartholomew County commissioners for consideration of adoption and resolution. The final authorization for a TIF anticipation bond can only be made by the county council, which can either approve, deny or modify the proposed bond, Hester said.
Morales estimates the TIF district will collect an estimated $20,000 this year. The commission will only meet as needed, instead of on a regular basis.
