What’s a TIF?
There was supposed to be a meeting of the Kokomo Redevelopment Commission last week, but it was canceled. That was probably good news for the Howard County officials who are dreading the possibility of Kokomo city officials capturing huge amounts of new property tax revenue through tax increment financing.
For those not familiar with a TIF district, it’s a method of financing public projects much preferred in Carmel. When some new source of property taxes arrives — such as a factory adding large amounts of machinery — the city where that new source is located can divert the new revenue into a separate account.
Capturing the new revenue with a TIF means the property taxes generated by the new project won’t be used to help shoulder the overall tax burden. So instead of all of the county’s property taxpayers getting some help from the project’s revenues, only the TIF district’s bank accounts receive help. If the new source of revenue is going to be around for a while, the TIF district can bond against the revenue stream to fund projects.
Whether the city will try adding any new TIF districts is unclear. The city already has one TIF in place, which captures taxes generated by new businesses locating downtown. The redevelopment commission is in charge of that revenue.
County officials, however, are clearly concerned. The county’s total tax base shrank considerably when Chrysler got rid of its old machinery, and county officials have been hoping the new machinery Chrysler is adding will fill in the hole.
We shall see what happens next.
the lay of the land
Since taking office as Indiana’s 5th District representative in the U.S. House, Susan Brooks has spent the first three months learning her way around the workings of the nation’s capitol.
During a stop in Tipton last Wednesday, Brooks said it was difficult to judge what issues facing the members of Congress had bipartisan support and an actual chance of passage.
Brooks said it was an honor to be in the House chambers when President Barack Obama gave the State of the Union address.
She commented that her basis for support on proposal from Obama was a simple one.
“When people from both parties stood up to applaud, I figured there was broad support and a chance that legislation would be adopted,” Brooks said. “It happened on immigration and tax reform. It didn’t happen very often.”
Brooks was asked about dissension among members of the Republican Party in Washington, admitting the party has various groups.
“The question is does the leadership have enough votes what is being brought to the floor,” she said. “The challenge is to hold things together to get measures passed.”
Brooks said during a conference there was lot of reflection following the significant election losses in 2012.
“We lost the presidency and didn’t do as well as expected in the Senate,” she said. “We’re the minority party in Washington.”
spring is finally here
The long-awaited Opening Day of the 2013 baseball season is here. Ken roots for the Mets, who will contend for worst team in baseball. And Scott roots for the Reds, who may win the World Series. Whoever you root for, enjoy the season.
What’s a TIF?
- Local News
Counties move forward with flood mitigation one year later
One by one, properties were bulldozed from the neighborhood between Carter and Murden streets in downtown Kokomo, physically erasing evidence of residential flooding in an area long prone to it.
- Jaimz family seeks closure after losing everything Ashley Jaimz and her sister, Amanda Urbina, took a drive through the Cedar Crest neighborhood the other day to view how residents were faring in the wake of a Nov. 17 tornado. The drive was intended to provide some closure to Jaimz, who is still stru
Kokomo resident whose basement collapsed during flood repairs own home
Walter Raderstorf can still remember sitting in his living room inside his home on West Park Avenue, realizing he had escaped a brush with death. “I was in the basement carrying stuff up and I came in here and sat down,” he said. “It wasn’t 30 second
- Late Kokomo teacher dedicates estate to foundation Longtime Kokomo School Corp. teacher Holly Kirkpatrick will continue to have a positive impact on students thanks to a $38,000 donation from her estate to the Kokomo Public Schools Education Foundation. Kirkpatrick died in November 2012 after teachin
- Thomas family ready to move on after flood In the Thomas household, few things take precedent over baseball. You’d be hard-pressed to find a couple more dedicated to youth baseball in Kokomo — or anywhere else for that matter — than Michael and Lashanda Thomas, who have passed that love of th
- 'Controlled chaos' at city's Easter egg hunt With buckets and Easter baskets in hand, hundreds of kids 10 years old and younger packed Kokomo's Northwest Park Saturday to see who could grab up the most Easter eggs. Organizers split the kids up in three age groups, 0 to 3, 4 to 6 and 7 to 10, wi
April flood brought people together to bail out community
[Editor’s note: On April 19, 2013, a record flood hit Howard and Tipton counties. Today, we look at some of the financial aspects of the flood. In Sunday’s edition, look for stories about people who were affected, what has changed in the floodplains and how the communities are moving forward.]
Two injured in Miami County crash
PERU — Two people were injured Thursday afternoon in a two-vehicle crash at the intersection of U.S. 24 and Ind. 19.
Farmer loses seat belt fight on appeal
Denver-area farmer Thomas Fox doesn’t like to wear his seat belt.
But after his lengthy fight with the Indiana courts over a seat belt violation, Fox may be rethinking his stance.
NSC establishes number of transfers
Northwestern School Corp. has decided how many transfer students the district can accept next school year in compliance with the state's relatively new open enrollment law. This is the first time Northwestern has announced vacancies at each grade lev
- More Local News Headlines
- Counties move forward with flood mitigation one year later