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Commission approves new New Margaret allocation area and consolidation into 2020 consolidated EDA
Summary
The commission recommended two resolutions creating a New Margaret Street economic development allocation area and consolidating it with the city's 2020 consolidated economic development area to generate tax increment revenues for infrastructure extending New Margaret Avenue toward Fruitridge.
The Vigo County Area Planning Commission voted to forward favorable recommendations for two related resolutions: establishing a new economic development allocation area for the New Margaret Street project and consolidating that allocation area into the city's existing 2020 consolidated economic development area.
Dustin Meeks, identifying himself as counsel from Barnes & Thornburg representing the Terre Haute Department of Redevelopment, told commissioners the new allocation area is intended to generate tax-increment revenue to pay for infrastructure to extend New Margaret Avenue to Fruitridge near the new Terre Haute casino facility. He described the map provided to commissioners, saying the new area is marked in red, parcels that make up the area appear in blue, and the existing 2020 consolidated EDA appears in yellow.
Meeks said the packet includes two resolutions that operate together: the first creates the allocation area and the second consolidates that allocation area into the 2020 consolidated EDA so the city manages one EDA instead of two. Staff offered a favorable recommendation and a commissioner moved and seconded approval; the motion carried with members answering "aye." No members of the public spoke in opposition during the hearing.
The action clears a local procedural step so the city can use tax-increment financing from the new allocation area to help fund the planned street extension and related infrastructure projects. Meeks and staff described the consolidation as an administrative convenience to keep management under one consolidated EDA.
