Annual TIF report: Plainfield projects more than $30 million in net TIF revenue for 2026, but commissioners flagged upcoming expirations

Sam Schrader of Baker Tilly presented Plainfield’s annual Tax Increment Financing (TIF) report at the July 6 Redevelopment Commission meeting, summarizing how allocation areas are performing and the planning issues that follow as several large allocation areas near expiration.

“Good evening, Redevelopment Commission members. My name is Sam Schrader with Baker Tilly,” Schrader said at the start of his presentation, and later summarized the topline projection: “we estimate that there will be net revenues north of $30 million” for 2026. He described how growth above base assessed value generates capturable incremental assessed value and reviewed the major allocation-area forecasts and pledged obligations.

Schrader highlighted several allocation-area estimates for 2026: Six Points is projected to generate about $11.6 million (and is scheduled to expire in 2033); Ronald Reagan about $10 million (expires 2036); U.S. 40 roughly $7 million; I-70 roughly $1.7–$1.8 million; and Hobbs Station about $1 million. He also noted revenues from East End, Klondike and Vandalia, citing spring collections and projected year totals (Klondike ~$1.1M; East End ~$1.2M; Vandalia ~$970k). Schrader said some unobligated areas (East End, Hartford, Airtech 14, Clarks Creek and others) could be tapped to cover future obligations after larger areas expire.

He explained a statutory change that affects residential TIFs: newly established residential TIF areas now have a 25-year life rather than 20 years, which affects long-term capture. The presentation flagged planning considerations tied to pass-through increases in 2027 that could compress the town’s tax rate; Schrader said his office has incorporated estimated deductions from the 2025 SEA 1 property-tax reform into forecasts and can produce a more detailed tax-rate compression analysis for budgeting season.

Commission discussion reinforced the planning focus: Commissioner Lance Angle asked for a tax-rate compression analysis during budget season; Schrader said Baker Tilly has the tools and will coordinate with town staff. Chair Philip Clay asked whether the report would support a potential $30 million police headquarters; Schrader said the TIF report includes estimates that identify areas that “would foot the bill” for a project of that size, though he emphasized the project was not a known or planned issuance at this time.

Schrader also walked through pledged obligations tied to specific allocation areas — for example, certain bonds and prior infrastructure investments paid from U.S. 40, Ronald Reagan and Six Points revenues — and noted a pipeline of planned projects that already account for a large portion of forecast revenues in coming years. He concluded by urging continued coordination with overlapping taxing units (Hendricks County, town and school and library districts) to manage phase-out and pass-through timing.

Next procedural steps discussed included staff follow-up to model tax-rate compression ahead of the budget cycle and continued coordination with Baker Tilly and the town auditor for updated assessed-value information and planning.