Staff recommends considering a TIF plan amendment to help the city and school corporation; amendment process, costs outlined

EDC staff briefed the commission on possible amendments to the tax-increment financing plan to allow targeted assistance to the city of New Castle and the Newcastle Community School Corporation.

Staff said the plan amendment is a statutory process intended to provide citizens due process and described it as "about a 90 day process." The staff added that the Indiana Finance Authority and plan language determine what projects fit the plan and that, if citizens are given the chance to participate during a plan amendment, later remonstrances have fewer procedural remedies: "If they do not take advantage of the due process ... there's really nowhere to go because they had an opportunity to participate in the process," the staff said.

On cost, staff estimated professional fees for a plan amendment at "probably a 5 to $10,000." Commissioners debated the trade-offs of amending the plan now versus seeking other ways to assist city and school projects; one commissioner suggested the commission could instead pursue specific projects and ask for forgiveness later, while staff warned of State Board of Accounts scrutiny for after-the-fact adjustments.

Staff also said revenue from the commission’s earlier assessed-value decision will begin to show in June 2027, and that staff will consult with the school superintendent to identify capital projects that might be eligible for inclusion in an amendment.

Next steps: staff will review plan language, consult with the school corporation as needed and return with recommended next steps if a formal amendment is pursued.