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Commission transfers residual TIF to city, approves property-holding transition and hears Land Bank update
Summary
The commission approved transferring about $17,500 remaining in a stamping-plant TIF to the city general fund, voted to transition property-holding responsibilities to the East Central Indiana Community Development Corporation, and heard a Muncie Land Bank report including a pending bill (House Bill 1411) affecting land bank tax-certificate redemption periods.
At the Jan. 15 meeting the Muncie Redevelopment Commission approved two administrative measures and received a report from the Muncie Land Bank.
Staff described the Indiana Stamping property history: the property had been held in a separate holding entity during environmental remediation, bonds paid through TIF revenues were resolved and the property was sold back to private hands, leaving a remaining TIF balance of roughly $17,500. Jeff requested that the commission transfer that balance to…
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