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Consultant presents 2024–25 TIF performance and projections; Senate Bill 1 expected to reduce some revenues
Summary
Baker Tilly presented the annual tax-increment financing (TIF) report to the Redevelopment Commission, reviewing multiple allocation and economic development areas, outstanding debt, project illustrations and estimates that incorporate statewide changes from Indiana Senate Bill 1.
Greg Balzano of Baker Tilly Municipal Advisors delivered the city’s annual TIF presentation Tuesday, reviewing performance and forecasts for multiple allocation areas and outlining how Indiana Senate Bill 1 will affect future revenues.
Balzano showed maps and multi-year collections estimates for areas including Elkhart Aeroplex Business Park, Cosopolis Street Corridor, Technology Park, consolidated South Elkhart and downtown allocation areas. He noted the presentation accounts for Senate Bill 1 provisions that phase in assessed-value deductions and homestead credits between 2026 and 2031; the firm’s projections therefore include modest revenue declines in most areas over the next five to six…
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