Economic growth must be nurtured and cultivated, or it won't come to fruition.
It's a pretty simple concept driving legislation recently proposed by Indiana House Rep. Hal Slager, R-Schererville, to maximize economic growth along the planned future expansion of Northwest Indiana commuter rail.
Slager's bill targets areas ripe for development along the existing South Shore Line and a proposed Hammond-to-Dyer rail extension.
In essence, it provides a tool by which communities can foster local economic growth frequently afforded by commuter rail stops.
The bill would create at least eight transit development districts of less than one square mile each and centered on the rail stations in Hammond, East Chicago, Gary, Miller and Portage along with the proposed new stops in Hammond, Munster and Dyer.
Growth in local income and property taxes within the defined districts would then be used to repay the bonds over time.
Slager's bill, which faces tweaking and debate in the Legislature, is worthy of consideration and support.
In addition to the potential for financing important development, the plan also opens the door for LaPorte County to join the Regional Development Authority.
LaPorte County stands to gain economically from a separate initiative to double-track the commuter line and speed commutes to Chicago. Joining the RDA would allow the county to take advantage of the new transit development district benefits, and it wouldn't be required to pay any back fees or penalties to join.
It's time for LaPorte County to board the figurative regional train of economic development and cooperation that the RDA truly represents.
The transit development districts concept encourages growth without affecting existing flows of tax revenues to government services. It only would impact the future tax revenues generated by the new development in question, and that money would rightly go to satisfy debt repayment.
We see only a financial upside to this formula.
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