Report: TIF district collections running wellJune 2, 2021
By CHRISTINE STEPHENSON
JASPER — Two TIF districts in Jasper are continuing to collect increased revenue that can be used for future economic development projects.
Matt Eckerle, principal of Indianapolis firm Baker Tilly Municipal Advisors LLC, presented an annual report on the two TIF areas at a Tuesday Jasper Redevelopment Commission meeting. The report included a snapshot of estimates of TIF revenues for the two areas based on 2021 certified assessed values, tax rates and some preliminary 2022 information, Eckerle said.
TIF areas essentially grab tax revenue from new construction in an area, and the money that is captured is then put back into the district for future improvement projects.
Overall, the central economic development area is doing well, Eckerle said. This area, which was penned in 2014, spans Jasper in several places, with parts stretching as far north as 36th Street and south of the Patoka River.
For 2021, the incremental assessed value captured is about $17.5 million, Eckerle said, which equals an estimated tax increment of about $425,000 for the year — about $200,000 more than in 2020.
This money is coming from abatement expirations and new construction and will only increase over the years, Eckerle explained. For scale, the city will capture an estimated $950,000 in 2030.
“Overall, you’re seeing tremendous growth already, and it’s estimated to continue,” he said. “You’re gonna have some real opportunities to get some things done here in the near future.”
The other TIF discussed was the Riverfront economic development area, which was established in 2015 and roughly borders Third Avenue, the Patoka River, Main Street, Second Street and Mill Street.
For 2021, the captured assessed value for the district is just shy of $9.8 million, which equals about $215,000 in total tax increment revenues this year, Eckerle said. There are no property tax abatements for this district, unlike the central area TIF.
This district includes annual debt service on two bonds, which Eckerle said the city is expected to fall slightly short on paying in full. This will not affect the city’s ability to get bonds in the future, though, and it won’t place any of the city’s other funds at risk.
“That isn’t reflective of the fiscal health of Jasper, that’s reflective of the specific circumstances of that TIF area,” he said. “So it wouldn’t be held against you … if you were to pursue a new bond down the road.”
Right now, there is about $552,000 available in the Central area fund for potential economic development projects, while the Riverfront fund amount is still very low, Eckerle said. RDC President Andrew Seger said the commission has not determined how the Central area TIF money may be used as of right now.
“Obviously, there’s more to come in terms of projects, economic development and so on and so forth,” he said.
The commission also:
• Heard that the old Jasper Public Library property has one potential developer. The deadline for submissions for potential developers is July 2. Information about the property can be found on the city's website under the Redevelopment Commission section.
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