Well, that's not entirely true. I never have. Until today.
IBJ reporter, Francesca Jarosz, reports in today's edition, that City officials are looking at creating rules to return excess TIF funds back to the base taxing units, like the Library and schools. If you don't have a subscription to the IBJ, you might be able to track them down at your local Library branch. IBJ has become a must read for me.
In her article "Indianapolis eyes TIF surplus to shore up city coffers", Jarosz reports:
The city is considering ways to channel money captured for economic development in some of its 22 tax-increment-financing districts to units such as libraries and city-county government.Excellent!
City financial officials and consultants are evaluating whether they can afford to shift some of the property taxes within the TIF districts back to the general tax base. They must make a determination by the end of this month.
City-County Council leaders also plan in the next month to start a public discussion on how to craft guidelines for using TIF in ways that maximize revenue for basic city services.
Jarosz even quotes Ryan Vaughn, President of the City-Council, as saying:
“We have property-tax caps in place now and reduced income-tax revenues,” said Ryan Vaughn, the council’s Republican president. “We have to start releasing some of the money back to the base when the district starts to over-perform.”Excellent !
Jarosz also reached out to experts outside of Indiana:
“If you’re diverting that much money, it’s going to have an impact on the budget,” said Thomas Cafcas, a researcher with Washington, D.C.-based Good Jobs First, which advocates making communities more accountable for economic development incentives. “If money is just sitting there, it should be returned rightfully to other taxing jurisdictions.”
Gonna hafta Google Cafcas....
But, what can I say, except, Excellent ! Bring on that community conversation !