TERRE HAUTE —
Collections of real and personal property payments have been generally on target in tax increment finance districts, or TIFs, in the Vigo County Industrial Park, according to annual finance reports.
Jason Semier of H.J. Umbaugh & Associates presented those reports Tuesday to the Vigo County Redevelopment Commission. The reports reviewed companies in the industrial park with TIF areas, such as Staples, Certainteed and ThyssenKrupp Presta. The TIF had projected collecting $185,590 from ThyssenKrupp and actually collected $180,586, which is nearly on the mark of the projected revenues to pay off bonds for that project. Certainteed was estimated about $113,000, which was collected.
Staples was projected to generate $406,160 in 2011 from real and personal property taxes in a TIF, but actual collections generated $168,916 because of a late property tax payment. However, across the board, Staples is doing well, according to the annual report.
The Redevelopment Commission has generated $967,219 in funds from TIF. The commission could use that money for road improvements in the TIF areas or pay off high-interest development bonds in the industrial park early, Semier said. One such bond is just over $3 million issued for the development of Staples. The bond has an interest rate of about 8.5 percent.
Another idea is to use those funds to pay for a legal rework of an existing TIF area for the former Pfizer property, soon to be developed as NantWorks. Because the property was owned by the county, its original assessed value base of about $7 million was reduced to zero.
By establishing the TIF to zero instead of a previous amount of about $7 million, the redevelopment commission would collect all new taxes paid for development from Nantworks, Semier said.
“I think we will want to wait to see with NantWorks coming in, as we don’t know how that property will be assessed,” said Steve Witt, president of the Terre Haute Economic Development Corp. “That is something we will have to address before the Vigo County Council to get their input.”
Local & Bistate
TIF district collections on target, report says
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