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Economic development authority seeks TIF district for Ivy Tech site
Summary
A Miami County Economic Development Authority representative asked the Peru Plan Commission to approve a declaratory resolution as part of creating a tax-increment financing (TIF) district called the 'Home and Heritage Allocation Area' to support redevelopment at the Ivy Tech campus/former Homan Elementary School.
Jim Teter, representing the Miami County Economic Development Authority, asked the Peru Plan Commission to consider a resolution that would clear a step toward creating a tax-increment financing district called the Home and Heritage Allocation Area around the Ivy Tech campus and the former Homan Elementary School.
Teter said his board approved a declaratory resolution on June 10 declaring its intent to expand and create the TIF district. He outlined the sequence of approvals the authority will follow: the authority's declaratory resolution, Plan Commission review for consistency with the city's consolidated development plan, City Council consideration and approval of a similar resolution, and then a public hearing and confirmatory resolution by the authority.
Teter said the requested action before the commission is that the commission find the proposed revision consistent with the city’s consolidated development plan so the process can proceed to City Council and subsequent public hearings. No final City Council action on the TIF district was taken at the meeting; Teter presented the resolution and described next steps for public hearings and approvals.
