EVANSVILLE, Ind. — Vanderburgh County officials are creating a new Tax Increment Finance district to facilitate road work and economic development along North St. Joseph Avenue.
The TIF district covers areas on and around North St. Joseph between Diamond Avenue and areas north of Laubscher Meadows Landfill.
TIF districts mean property tax revenues generated within them must be invested on infrastructure and other projects within those boundaries.
"This is a long-term economic resource," County Commissioners Ben Shoulders said. "Future commissioners and future county leaders will see the fruition of this, just as we are from the Green River Road/Burkhardt Road TIF."
Other TIF districts used by Vanderburgh County government are along U.S. 41 near Azteca Milling, at Vanderburgh County Industrial Park and along University Parkway. County leaders plan to use some revenues from the U.S 41/Azteca TIF on an expansion of rural broadband access.
The City of Evansville has nine TIF districts.
County Commissioners voted 3-0 Tuesday to create the new TIF district for the North St. Joseph Avenue area. That followed an earlier resolution by the Vanderburgh County Redevelopment Commission, which still must confirm the action with another upcoming vote.
Revenue created within the TIF district will be minimal at first, but it will accumulate over the next several years, Shoulders said.
Assuming final approvals occur, the TIF would be in use for the 2021 billing cycle, with its revenues available starting in 2022.
TIF districts are a way for local government officials to leverage funds for community projects without raising taxes.
Shoulders said Vanderburgh County's other TIF districts are spread out in other areas, so he and other commissioners believed creating one for North St. Joseph Avenue "made sense geographically."
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