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Somebody should do an analysis of how TIF districts interact with the fiscal condition of the city of Indianapolis. Academic studies have concluded that Indiana communities largely use TIF for revenue capture, and that appears to be what’s happening here. The city is creating a TIF in an era where development is already happening organically, but without any plan for what they want to do with the money or any vision of what they want the district to be. Looks like a straight up revenue grab of tax dollars that would otherwise go into the ordinary coffers of government.
Actually Pat Andrews did extensive analysis on TIFs, wrote about them, and none of our local elected politicians listened. The media only does superficial reporting of TIFs, generally just repeating without challenge the claim that TIF districts raise a great amount of revenue without doing any harm. It’s utter nonsense.
Andrews’ analysis showed that many Indianapolis TIF districts are running in the red. When that happens the bonds that are floated in anticipation of higher property tax revenue are paid by dipping into the property tax base. And even if the TIF districts are not running in the red, TIF districts still freeze the property tax base which is the revenue devoted to city services. (The excess gets siphoned and go to private companies.) The problem with that is the cost of providing those city services, things like schools, libraries, roads, etc., go up every year with inflation.
Aaron points out another problem…that often these TIF districts are often created where development is already happening organically. That doesn’t matter because that’s not what TIFs are about. They are about corporate welfare…grabbing our tax dollars away and handing that money to the politically-connected developers, contractors and big law firms that run this city. Sadly we have no politicians challenging these TIF districts and the corporate welfare culture that dominates Indianapolis.
Agree. Why in the world is the city throwing up TIF in an area already hot with development. Good grief.
Continuing the rape of the County at large.
The City should’ve increased the tax rate for low-density land uses in the are instead.
Agreed with above comments. That area has coming up for years without TIF funds. I tried to buy a duplex on N Capital Ave. in 2019 seeing “signs” of improvement. Two Chicks and Hammer’s purple house remodel was across the street 6 months later. The funding isn’t needed here.
Im always entertained at all the comments coming from people that are never in any of the meetings the city had on the topic. All the different options as though its facts are hilarious. Some are saying a TIF district isn’t needed because the area has already shown signs of development with out it. Well I own property on 21st and Capital and im here to tell you that the area isn’t as improved as some of you that just pass through may assume. I’ll stick with the city and their studies conducted by professionals on the topic.