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Redevelopment commission votes not to pass through excess assessed value for 2027
Summary
Citing committed TIF projects and anticipated revenue needs, the Whitley County RDC voted May 26 to retain increment and not pass through any excess assessed value for 2027; staff will prepare detailed numbers if the commission requests them at a subsequent meeting.
The Redevelopment Commission voted May 26 to retain all assessed increment and not pass through any excess assessed value (AV) for 2027.
Nathan (speaker S2) told the commission he had reviewed the portfolio and recommended no pass-through because available funds are already committed to ongoing and anticipated projects including Project Freedom and RailConnect. He told commissioners, “Larwell, we've fully committed what funds there were, so I don't think that there's any argument that that one needs to be passed through.”
A brief exchange noted a recent law change that automatically triggers a small pass-through if the commission does nothing; staff indicated the commission’s action was consistent with prior practice and project needs. Theresa moved to not pass through any excess AV for 2027; Frank seconded and the motion passed by voice vote.
Why it matters: deciding whether to pass through excess AV affects how TIF revenues are allocated to redevelopment projects versus returning funds to overlapping taxing units. The commission kept funds available for planned projects while noting they can prepare explicit numbers for the auditor by the next meeting if the commission wants a breakdown.
Next steps: staff will prepare numbers for any commissioner who requests them and file required documentation with the auditor’s office before the statutory deadline.
