INDIANAPOLIS — An innovative plan to finance development near commuter rail stations on the South Shore Line and proposed West Lake extension was approved 19-3 Monday by the House Ways and Means Committee.
The legislation authorizes the RDA to borrow funds to speed construction of property improvements that still would be subject to municipal planning and zoning ordinances.
Growth in local property and income tax revenues within each TDD would be used to repay the transit-oriented development debt.
The RDA's planning consultant, Indianapolis-based Policy Analytics Inc., estimates the local tax revenue growth available for development spending in Lake and Porter counties will total $456.2 million over a 20-year period.
Slager said the release of that number last week got the attention of officials in LaPorte and St. Joseph counties who now are interested in taking advantage of TDD opportunities on their portions of the South Shore Line.
"Hopefully we'll make this attractive enough that they'll want to be a member of the RDA," Slager said. "If they are not a member of the RDA they cannot participate."
The legislation, which now goes to the full House, does not yet provide for St. Joseph County to join the RDA, though it allows LaPorte County in without payment of past dues as required by current law.
"This has been a work in progress as we develop this. I fully expect we're going to have a few more changes," Slager said. "We just simply don't have it ready yet."
Slager will have the opportunity to revise the measure prior to a chamber vote likely later this week.
It's not unusual for the Republican-controlled House to approve legislation that will continue to be adjusted as it moves through the Republican-controlled Senate.
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