The city of Columbus is planning a session next year to educate the public on tax increment financing districts and how they work.
After establishing a tax increment financing district and setting a baseline for property taxes, an Indiana community then siphons off rising property tax revenues in future years, which are held for redevelopment in that particular area of the community. For example, Columbus recently agreed to provide a $5.8 million forgiveable loan to a downtown apartment complex developer from a downtown TIF and will spend more than $11.6 million from redevelopment funds for a riverfront project.
The information session will be from 4 to 5:30 on Wednesday January 10 at Columbus City Hall.
Photo courtesy of Columbus Redevelopment Department.