Evansville Planning Commission approves larger TIF#5; Develops new theory of TIF

The Evansville Planning Commission met on Tuesday, Sept 6, 2005 and voted to add new plats to the TIF #5. Mr. Wagner from Ehlers and Associates presented data on the new projects proposed as well as a hand written map update just in time for the meeting. Voting members were given the new map just before the meeting.

There were few concerns voiced about the Exhange Street or the Union Street properties added since as it was noted they followed the red-checkered commerical development plan dated June 15, 2005 under Smart Growth.

Questions were raised about the property across from the Fire Station that was included in the TIF #5 and for which historical wood siding would be paid for with TIF money. There would be no incremental value for this project. It would be for "aesthetic" or "historical effect." It was pointed out by the audience that this is not a proper use of TIF money, and Mr. Hamman made a motion which failed that would have excluded the property in question from the TIF.

When asked whether residents could apply for TIF money for siding, Mr. Connors said that only developers who might buy homes in the TIF would be elegible and that this would be an incentive for them to do so. Residents would have to get loans. The Observer observes that it is not clear whether residents who rented out their property would be elegible for TIF money, so residents should not rush to rent out their homes to get the money.

The common council acts on the projects included in the TIf so including any one property in it does not guarantee that the specific project will get approval. So the matter of this property is not finished.

So, what do you think? Should TIF be for tax increment or not? You make the call.