Jasper Planning Commission approves tax increment finance plan

ByMatthew Crane Reading Time: 2 minutes

The Jasper Planning Commission approved the proposed resolution to create a large tax increment finance district.

The planning commission was required to approve whether the use of proposed resolution was in accordance with the city’s comprehensive plan and the Jasper Downtown/Riverfront Master Plan. In the plan, the city acknowledged and recommended the use of the TIF districts as an economic development tool for the continued growth of the city.

According to the proposed resolution created by the Jasper Redevelopment Commission, a TIF district encompassing an area shown in the map attached.

TIF_Map
Click to expand.

The city has identified an estimated $18 million in projects that the TIF funds collected could be allocated towards. Those include:

  • The redevelopment of Jasper Cabinet.
  • The redevelopment of Hoosier Desk.
  • The Parklands.
  • Issues identified with Patoka River and dam.
  • Further incorporation of the Arts Department into downtown.
  • The development of the JOFCO building into apartments.
  • The Aquatic Center (pool upgrade).
  • Items indicated in the downtown master plan including the River Road, Main Street promenade, Courthouse Square, and other developments in the plan.
  • The expansion of the Riverwalk to connect to St. Charles.
  • A downtown parking facility.
  • Fiber build out for high-speed internet for the city departments.
  • Extensions of North Mill Street and 46th Street.

The projects identified in the resolution would be completed over a period of ten years or longer and the Redevelopment Commission would have the authority to use the money generated from the TIF to issue bonds, pay for improvements, purchase land, or enter into leases.

The commission did not discuss the size or impact of the proposed district.

As the resolution moves through the approval process, the next step is for the city council to discuss and potentially take action on the resolution at the next meeting scheduled for 7 p.m. Wednesday, December 17, at City Hall, 610 Main Street.

A public hearing will also be held before final approval by the Redevelopment Commission in January.

If approved the TIF will set a base assessed value of the industrial properties — residential is not affected — to the levels as of March of 2014.

Attorney Richard Starkey of Barnes & Thornburg addressed the redevelopment commission in December of 2012 about the impact on other taxing entities and acknowledged the TIF district would likely cause a minimum raise in tax rates outside the allocation area.

Here is a recent story about the proposed TIF district.

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