Tax Increment Financing proposed for 75-acre Argos tract
ARGOS – Ways to effectively utilize its new property acquisition were presented to the Argos Redevelopment Commission Tuesday evening by Todd Samuelson, a partner with H.J. Umbaugh & Associates, CPAs, out of Mishawaka.
The 75 acres south of Argos recently purchased by the Town Council is in the process of being annexed. Umbaugh will help the town finance improvements in the most efficient ways possible.
Tax Increment Financing (TIF) is the primary key to this process, according to Samuelson. It has actually been around since the 1970s, but is really coming into its own now.
Basically, a TIF area allows the town to capture an increase in the tax base of the defined area and then allocate the revenue to the Redevelopment Commission, essentially spending the increase to further enhance the TIF area.
(For more on the story, check out the June 26 edition of the Pilot News.)