Local Government and City-County Council and Tax-increment financing and Government & Economic Development and Government

Council approves new downtown TIF district

October 1, 2012

The Indianapolis City-County Council on Monday night voted 25-2 to expand the downtown tax-increment financing district to the northeast and northwest.

The plan is intended to support redevelopment of the Massachusetts Avenue fire station site and projects such as downtown apartments, a new Marsh grocery store and a high-tech corridor along West 16th Street.

So-called TIF districts capture the additional tax revenue generated by projects in the district to cover the costs of new infrastructure or other government spending that make the projects possible.  TIFs have grown more popular since Indiana capped property-tax rates four years ago.

The downtown TIF was approved by a council committee in August but a final vote had been postponed due to controversy and a lawsuit from a city activist.

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