Redevelopment commission hears TIF revenue forecast; accepts annual report

The Vanderburgh County Redevelopment Commission received an annual analysis of tax increment financing (TIF) revenues, cash balances and upcoming projects for five economic development areas and voted to accept the consultant’s report.

The report, presented by Robert Reynolds, a certified public accountant, summarized current cash on hand, forecasted receipts and outstanding debt for the Burkhart, Phoenix Commerce Center, US 41, University Parkway and St. Joe TIF areas and reviewed potential impacts from recent state legislation affecting business personal property and “circuit breaker” tax credits.

Reynolds told the commission that after backing out debt-service payments tied to TIF collections, the Burkhart area shows roughly $3.6 million of excess revenues available for projects in pay year 2025, but warned the area’s available dollars drop sharply when the original allocation area expires in 2031 and collections fall again in 2032. “As of right now, everything does look healthy and look good,” Reynolds said, but he noted that toward the end of the TIF life there is far less cushion and inflation could consume remaining excess cash.

The presentation gave these highlights: the Burkhart allocation area has a net assessed value (NAV) reported at about $504 million for the original area and $72 million for the…