The Culver Redevelopment Commission wants to expand one of the town’s two TIF (Tax Incremental Financing) districts. The proposed expansion includes three properties that are currently in the county so last week Kathy Clark, President of the Culver Redevelopment Commission, Phil Faddenda the bond counsel and Todd Samuelson appeared before the County Commissioners with their request last week.
The properties being considered are a small residential lot on the north side of Jefferson Street, a 24 acre lot owned by Kevin Berger and the parcel of property just south of the cemetery at the corner of Tamarack Road and West Shore Drive.
Clark indicated that in the future their properties may be annexed into the city and utilities are already in the location. The property owners would only need to tap into them.
Clark said the Culver Redevelopment Commission is interested in creating new opportunities in the area for either industrial or commercial development.
Todd Samuelson from financial consultant from Umbaugh and Associates explained to the commissioner the benefit of a TIF District. Taxes currently being paid would continue to go to the taxing units. New taxes created by improvements to the real estate would be captured by the TIF District and used for infrastructure improvements in the district. The maximum the new taxes could be collected would be 25 years.
Marshall County Commissioner Kevin Overmyer noted, “It’s becoming a trend across the county for the small towns to acquire land for economic development. As they realize they need more development to attract business.”
The Marshall County Commissioners approved resolution 2014-02 for the Culver Redevelopment Commission to expand the TIF District into the county.
