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Michigan City redevelopment commission approves using TIF interest to fund two redevelopment positions
Summary
The Redevelopment Commission approved a resolution allowing interest earned on TIF collections to pay operational costs, adopted an amended salary order totaling $263,121.50 for two redevelopment positions and approved related job descriptions, all by unanimous votes.
The Michigan City Redevelopment Commission on Dec. 30 approved a resolution authorizing the use of interest earned on tax‑increment financing (TIF) collections to pay operational costs for the Department of Redevelopment and then adopted an amended salary order to fund two department positions.
Commission members voted 5‑0 to pass the resolution (discussed in the meeting as Resolution No. 5‑24), after city counsel told the commission that state law prevents use of TIF principal generated during a project for operations but does not treat interest earned on TIF funds as TIF…
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