TIF strategically invests in local public improvements to spur economic and redevelopment in designated areas in Elkhart.
Tax increment financing is a tool that local communities can use to incentivize development through investing in local public improvements such as acquisition of property, demolition of blighted structures, remediation of environmental hazards and construction of infrastructure.
TIF has become synonymous with the Economic Development and Redevelopment areas that they help fund, but these areas are much more than the local property tax increment that they utilize. Each TIF has a designated area of service and has a plan that is developed by the City of Elkhart Redevelopment Commission during a public process. Many components of these plans are determined by State of Indiana Code but local priorities determine the projects that are undertaken by the Redevelopment Commission.
The Redevelopment Commission is made up of 5 members that must be City of Elkhart residents. Three members are appointed by the Mayor and two members are appointed by the Elkhart Common Council. The Redevelopment Commission meets the 2nd Tuesday of each month at 4pm in the City of Elkhart Common Council Chambers at City Hall. These meetings are open to the public and comments and input are always welcome.
TIF investment by the city leads to more private development
Public projects funded through TIF lead to increased property value in the area
TIF funds are a valuable tool in the redevelopment of Elkhart’s neighborhoods