North Vernon Studying TIF District Plan

NORTH VERNON, Ind. (WOWO): North Vernon city officials are considering a plan to extend the city‘s TIF Districts to the year 2040. TIF Districts help local municipalities to redevelop economically depressed areas and in the hopes of creating jobs and expanding the future tax base.

City officials say that a new state law, which took effect in July, requires all TIF districts created before mid-1995 to expire in June of 2025. An exception exists for bonds being repaid that are issued before July 1, 2015. North Vernon Mayor Harold “Soup” Campbell says some members of the state legislature want TIF reined in with the idea that the state is missing out on money.

Pointing to some TIF Districts in Northern Indiana, as well as Carmel, he says some legislators are seeing money spent on items they may consider “opulent” and would rather have that money steered to state coffers.

Campbell says TIF is a godsend for rural, undeveloped areas. He says that a number of businesses and jobs exist in North Vernon strictly because of the city‘s ability to create a TIF District.

The North Vernon City Council is considering issuing bonds up to $10 million to keep its TIF District alive through the middle of 2040. Members are expected to discuss the issue further at their Jan. 5 meeting.