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Baker Tilly presents Clinton County TIF report; I‑65 capture to dip then rebound, State Road 28 brings first receipts
Summary
Consultant Sam Schroeder delivered the RDC’s annual TIF report: I‑65 allocation area collections were about $490,000 in 2025 with an estimated 2026 capture near $510,000, State Road 28 reported its first receipts (~$2,310) and Baker Tilly recommended monitoring parcel strategies given recent statutory changes affecting deductions.
Sam Schroeder of Baker Tilly presented the required annual TIF report to the Clinton County Redevelopment Commission, reviewed TIF mechanics and allocation area geography, and laid out revenue estimates, outstanding obligations and strategic options for the RDC.
Schroeder explained the base vs. incremental assessed value concept, the permitted uses of TIF proceeds (capital projects, infrastructure, public safety and recently authorized quality‑of‑life uses such as day‑care facilities), and noted a recent statutory change that extends the life of certain TIF areas and affects revenue capture. "That life of that TIF area is now 25 years," Schroeder told the commission, summarizing the statute revision and its practical effect on planning.
Key numbers and obligations: Alan Dunn reported the I‑65 allocation area fund balance at $1,142,006.48 and that the State Road 28 area had received its first allocation dollars of $2,310. Schroeder estimated 2026 capture for the I‑65 allocation area at about $510,000 (collections in 2025 were approximately $490,000). He cautioned that Senate Enrolled Act 1 (2025) introduces deductions that will reduce capture for certain property classes through 2031, then noted expected revenue changes when abatements expire.
Schroeder also reviewed outstanding obligations: the 2014 EDIT bonds (maturing in 2034), lease rental bonds for the I‑65/State Road 28 interchange with an outstanding principal just under $5,000,000, and other lease rental bonds for water and sewer projects. He said I‑65 TIF can serve as a repayment source in some cases though not all obligations are formally pledged to TIF. Schroeder highlighted the ConAgra allocation area revenue‑share with Frankfort, estimating the county’s share at about $141,000 in 2026 and noting formal payments under the agreement begin on Jan. 1, 2027.
Why it matters: the presentation framed near‑term revenue pressures caused by statutory deductions and emphasized strategies—such as re‑establishing allocation boundaries for undeveloped parcels—that could extend or increase incremental capture. Schroeder recommended continued collaboration and transparency with overlapping taxing units and asked the RDC to consider formalizing Baker Tilly’s engagement at a future meeting so the firm can continue neutralizations and reporting work.
Next steps: commissioners asked clarifying questions about exposure for outstanding bonds and Baker Tilly confirmed it will continue current neutralization work and requested a formal engagement at the next RDC meeting for continuation of services.
