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New Haven, Allen County move to close Bandelier TIF early; remaining funds to return to city
Summary
Council passed a joint ordinance (G-26-10) assigning certain tracts to the Allen County Redevelopment Commission and closing the Bandelier TIF early; county officials said the district’s debt has been paid and remaining funds will revert to the city.
The New Haven Common Council on June 23 approved Ordinance G-26-10, a joint measure with Allen County that assigns jurisdiction of certain tracts of real estate to the Allen County Redevelopment Commission and returns remaining Bandelier TIF funds to the city now that county-held debt on the district has been satisfied.
A county representative explained the Bandelier TIF was established before the area was incorporated into the city and that the county had held debt tied to the district. With that debt paid, the county official said, remaining TIF monies will be returned to New Haven and underlying properties will appear on full tax rolls. “They’re actually closing it out early,” the county representative said, estimating closure at two to three years earlier than originally planned.
Council voted to suspend rules to allow a second reading at the same meeting and then adopted the ordinance by voice vote. The transcript does not include a roll-call tally. Council members characterized the outcome as the normal lifecycle of a TIF: investments are completed, debts satisfied and properties return to the taxing base for schools and other agencies.
Details not specified: The transcript did not report the exact dollar amount remaining in the TIF, the effective date for returning funds to the city, or the precise year-by-year schedule for closure beyond the "two to three years" estimate.
