The Knox Redevelopment Commission gave its approval Monday to update an existing tax increment financing district, as well as to create a new one.
Jason Semler, a partner with Umbaugh & Associates, says after having completed several steps, a public hearing was required to let the changes go ahead, “Now, it’s just back here to the Redevelopment Commission for this public hearing, just confirming, basically, everything that you already stated. Then next, it’ll go to the Council for one last approval. If you decide to go forward today, you basically amended your original area, which is basically just adding additional projects to that area, and then you also created a new allocation area out in the Industrial Park.” The existing TIF district includes areas of U.S. 35 and Downtown Knox.
Starke County Economic Development Foundation Executive Director Charlie Weaver says the creation of the new district in the Knox Industrial Park won’t affect the buildings already there, meaning tax money collected on those buildings will keep going where it always has, “The Traffic Control Specialists Building is different. It was started after March 1 of 2015. This is being created now so that come March 1, 2016 when that structure – not the land, but the structure – is first assessed, the taxes off of that structure that’s being built by Traffic Control Specialists would be captured by the Redevelopment Commission and be subject to their uses in the Knox Industrial Park only, for purposes of the Knox Industrial Park.”
No comments were offered during the public hearing. The TIF districts now move on to the City Council for approval during tonight’s meeting.
