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Committee advances TIF change to allow private investors to back projects upfront
Summary
Chairman Williams said HB 18,92 formalizes a credit that would let private investors provide upfront capital to back tax-increment financing (TIF) bonds; drafters and a TIF investor disclosed their role in writing the bill. The committee voted unanimously to advance the bill.
Chairman Williams said HB 18,92 creates a voluntary local-option framework to allow limited municipalities to permit sewer connections outside their boundaries in exchange for a capped housing surcharge dedicated to affordable housing; more broadly the bill clarifies a credit that can be used to secure tax-increment financing bonds and to allow upfront private investment.
Betsy Knox, an attorney who said she drafted the bill, disclosed she was hired by a TIF investor (Hageman Capital) to draft the language. “I was hired by Hageman Capital to draft this bill and they are a TIF investor out of Indiana,” she said. Committee members pressed on whether the change would alter local control; the sponsor and the drafter said the bill preserves local approval and does not change the TIF approval framework. The committee advanced the bill 7–0.
