COLUMBUS, Ind. — The Bartholomew County Council has created a county economic development commission as it continues to work with officials hoping to market available land for development in northern German Township.
While Jason Hester, president of the Greater Columbus Economic Development Corp., said he could not confirm or deny any details of any project in the works for the area, he did say 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. That land has been zoned for industrial development since 2004.
Originally, Meadow Lawn Farm was bordered by County Road 800N to the north, the railroad line to the east and U.S. 31 to the west. It also includes a 29-acre parcel that extends out from the southeast corner of the larger area.
In a TIF district, an anticipation bond can be created based on the amount of property taxes generated by improvements that will be made by the new company.
The new company’s property taxes are usually phased in over a 10-year period. The difference between the normal amount of property taxes the firm would be expected to pay, and what is actually provided to local government, is what’s used to pay off the bond. The amount of TIF money usually decreases annually.
For the full story, see Thursday’s Republic.
