Kokomo Tribune; Kokomo, Indiana

Local News

April 4, 2014

City creates tax district to fund area improvements

Patriot Porcelain, Kokomo Recycling expected to be TIF's biggest generators

(Continued)

“If we set our TIF base assessed value in 2013, there is a possibility that it would be set including Patriot’s higher, pre-appeal assessment,” he added. “If they are successful on appeal, it will lower the total assessed value for the TIF allocation area and potentially put the TIF at a negative increment to start.”

By capturing the plant’s new assessed value, the district, which follows a rail line as it runs northeast from Jefferson Street to become part of the Nickel Plate Trail corridor, could generate hundreds of thousands of tax dollars annually, which the city or the Redevelopment Commission could then use for improvements.

McCormack said the city’s planned extension of the Industrial Heritage Trail will be one of the first beneficiaries of the TIF district.

“One of the first things we’d like to do is invest in the trail,” he said. “We’ll look at other things down the road based on the money that’s being generated by the TIF.”

While Patriot Porcelain and Kokomo Recycling are expected to be two main tax increment generators, the district also includes the old downtown railroad depot, which was purchased by the city two weeks ago for $45,000.

The depot, which has been vacant for years on North Buckeye Street, could eventually be renovated using TIF redevelopment dollars or increase the district’s assessed valuation.

McCormack said city officials haven’t yet discussed future plans for the depot.

“We haven’t really gotten into the details of that yet,” he said. “Right now we’ve just gotten into the purchasing of it. As far as what future plans are, we’ll cross that bridge when we get there.”

Martin Slagter can be reached at 765-454-8570, martin.slagter@kokomotribune.com or on Twitter @slagterm.

Text Only | Photo Reprints
Local News
  • Spirits high at Brickyard 400 SPEEDWAY – Despite threatening skies and chances of rain, fans at the Brickyard 400 were not disheartened by the forecast. Brickyard 400 race day dawned with rain and fog, and the sun broke through the clouds at mid-morning. Fans expected the race to

    July 27, 2014

  • NWS - KT072614 - Five Below Grand Opening - pic Five Below opening draws crowds

    Mary Martin is the director of marketing and business development for Markland Mall and, with four grandchildren, she's also a consumer looking for cost-effective deals which still leave her — and the kids — feeling satisfied. Martin was able to purc

    July 27, 2014 1 Photo

  • Mud battle 01 Mud Battle at Oakbrook Church challenges participants

    Challenges are nothing knew to Army Specialist Anthony Walton. An Afghanistan veteran, who was injured in 2011, Walton has endured some of the worst conditions imaginable. While in Afghanistan, Walton was shot more than 30 times in his left arm durin

    July 27, 2014 3 Photos

  • Indiana fruit crops take another weather beating BEDFORD, Ind. (AP) — The polar vortex that plunged Indiana into a deep freeze in January has taken a toll on the state's peach crop, and an April cold snap has done the same for apples. Orchard owners are bringing in peaches from out of state and sa

    July 27, 2014

  • 931 business 02 Opening of new US 31 appears to have had little effect on local business The new U.S. 31 bypass came with a litany of questions for local businesses. How would the changes in traffic patterns affect sales? How long would it take to see the full effect from that change in traffic patterns? What is the long-term prognosis f

    July 27, 2014 3 Photos

  • 1969 Kokomo grads share space stories On July 20, 1969, astronaut Neil Armstrong stepped down the ladder of the lunar module “Eagle” and uttered those immortal words, “One small step for man, one giant leap for mankind.”Best friends Dave Hudson and Greg McCauley, who had just graduated f

    July 27, 2014

  • first dirilyte Dirilyte alloy: Definitely not a Kokomo first As with many of the so-called City of Firsts’ inventions, Dirilyte was definitely not a Kokomo first, Dave Broman, executive director of the Howard County Historical Society, said.“Dirilyte is a little more clear-cut,” Broman said of research in the

    July 27, 2014 1 Photo

  • Ride to help fight breast cancer WABASH — The Moonshine Cowboys Ride for a Cause will be Saturday at Scotty’s Bar, 780 Manchester Ave. Registration begins at 10 a.m. and kickstands are up at noon.The cost is $20 per person, and proceeds will go to fight inflammatory breast cancer. I

    July 27, 2014

  • SCP KT 072714 Innovation Symposium pic IUK Innovation Symposium receives grant for 2015 program A grant from the Indiana University Women’s Philanthropy Council will allow more students to participate in IU Kokomo’s Innovation Symposium overseas travel program.The grant will cover travel expenses for eight to 10 students to spend three weeks in

    July 27, 2014 1 Photo

  • Continental picnic set for Saturday Former Continental Steel employees and their families will gather from noon to 4 p.m. Saturday at Rodgers Pavilion in Highland Park for a picnic. It is the 28th year for the get-together.Those who attend may bring a covered dish. Barbecued ribs, hot

    July 27, 2014

Latest news
Featured Ads
Only on our website
AP Video
13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries