Commission Recommends Amendment to Economic Development Plan to Support About 50 Single-Family Homes
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Summary
The commission recommended an amendment to the city's economic development plan to designate an allocation area and use TIF dollars for infrastructure to support roughly 50 single-family homes; the recommendation moves next to the City Council and final redevelopment steps.
The Area Planning Commission voted to recommend a redevelopment resolution that would amend the economic development plan and designate an allocation area to phase in infrastructure for roughly 50 single-family homes, allowing the city to leverage TIF (tax increment financing) revenues for the work.
Max Adams of Barnes & Thornburg presented on behalf of the Terre Haute Redevelopment Commission, explaining this item is the planning commission step after the redevelopment commissions initial approval and before City Council review and a subsequent Redevelopment Commission public hearing and final approval. Mr. Adams said the resolution approves creation of the allocation area and allows TIF dollars to be used to support infrastructure for residential construction of approximately 50 single-family homes.
A resident who said he runs or walks the neighborhood spoke in favor of the project, calling it "a great piece of dirt" and urging commissioners to approve the recommendation; he asked the developer to keep roads clear during construction. The commission voted to forward a favorable recommendation to City Council by voice vote.
The recommendation advances the project to the City Council, and if Council approves it will return to the Redevelopment Commission for a public hearing and final action.
