Financing plan coming together to fund Jasper improvements
Thirteen areas in the City of Jasper have been identified as potential locations to create tax incremental financing districts to fund future improvements.
The Jasper Redevelopment Commission heard a preliminary report from consultant Ed Curtin about the areas. Curtin, owner of Latitudes, LLC, a Columbus-based consulting firm, has been contracted by the city to aid them in creating the financing districts.
The districts will be used to fund projects that include the future use for the Jasper Cabinet building, the downtown improvements listed in the Jasper Downtown/Riverfront Master Plan, future development of The Parklands, a new pool or aquatics facility, and an important addition to the city, fiber optic to the city buildings that would include build-out to residences.
“The thing to keep in mind is that this is a ten or fifteen year time horizon in terms of trying to chip away at those projects,” Curtin told the commission.
He also pointed out TIF is just one of several funding mechanisms for projects and they will likely need partnerships to be completed. “The Parklands for example, let’s say that doesn’t happen for six to eight years but the commissions now in a better position because of the allocation area,” he said. “You can be in a better position to fund that project because you have the money available.”
Tax incremental financing districts create funds for projects through the increased or added property taxes due to development in the district. The city will declare an area a TIF district and if improvements are made by a commercial interest, the increased property taxes created by the improvements will be used to fund projects or infrastructure in the area. In some cases, the business investing in the area can use those funds to offset the costs they incur to make those improvements.
By state law, the Jasper Redevelopment Commission determines how the funding created by a TIF district is used.
Commission member John Kahle was surprised about the commission’s involvement. “We are involved in deciding on project priorities,” he questioned. “I thought we just set up the district and the revenue came in. I didn’t think we would be involved in managing the decisions.”
“The funds will be under the discretion of the redevelopment commission,” Curtin told Kahle.
Curtin explained that the redevelopment commission would take part in deciding where the funds would go within the goals and objectives of the commission. “I have been involved in projects where the redevelopment commission actually funded a soccer complex because it helped address the sport tourism for the community,” he said.
Commission member Andy Seger emphasized the redevelopment commission wants to work with the city council, mayor’s office and city departments. “We aren’t going out on our own,” he said.
City Attorney Renee Kabrick reminded the commission they have operated in accordance with the Indiana Code thus far. “I think we have been a great example of a community where the redevelopment commission works in conjunction with other entities,” she said.
The 13 TIF districts initially identified by the city and Curtin are located in several areas. Those include industrial areas along Patoka River and 36th Street; the downtown area and square; and industrial areas along State Road 164 on the south side of town on both sides of U.S. 231. These areas were identified by the city and through the interviews conducted during the open house. Once the draft is complete, a map showing the potential areas will be made available.
The areas that will be developed will have specific boundaries that will be reviewed and approved by the Jasper Plan Commission and Jasper Common Council. A public hearing will also be scheduled before the final approval is made by the redevelopment commission.
