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Redevelopment commission reports TIF funds steady; no outstanding bonds, infrastructure projects ongoing
Summary
The county’s redevelopment commission presented its annual tax-increment financing (TIF) update: five TIF areas are active, no bonds are outstanding, and recent TIF monies funded infrastructure work including Industrial Drive improvements and a new water main.
Steve Witt of the Terre Haute Economic Development Corporation and Jason Semler of Baker Tilly presented the redevelopment commission’s annual update on tax-increment financing (TIF) districts.
Witt said the county’s TIF areas include Heartland Steel, Staples, Eisenkrupp (spelled in some materials as “Eisenkrupp”), CertainTeed and Pfizer. He told the council “we have no outstanding bonds. They're all paid off.” Witt said recent TIF revenues have been used for infrastructure improvements, including roughly $1 million for Industrial Drive and a water main from Pfizer Drive to Harlan Road.
Semler described gateway reporting requirements to the Indiana Department of Local Government Finance and summarized 2024 receipts and expenditures by allocation area. The presentation showed cash balances for each TIF fund as of Dec. 31, 2024, and listed no outstanding bonds; he said some funds reimburse private investments under preexisting agreements (Semler cited an agreement in the Dyson Krepp area that reimburses equipment purchases).
Witt also said there is a $2 million commitment for infrastructure to support a local technology-related project (referred to as "in tech") that will likely be used for improvements to Harlan Road when specifics are provided by the project sponsor. He told the council the redevelopment commission continues to use TIF revenues to pay for infrastructure so the commission has not needed to request appropriation from the council in recent years.
No formal action was required by the council; the presentation satisfied a reporting requirement for the fiscal body.
