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New Shelby County TIF district proposed

April 9, 2008

Shelbyville officials want to create a fourth tax-increment finance district, this time at the Fairland exit on Interstate 74, where Indiana Downs is renovating its horse track and adding slot machines.

In addition to the track, the 1,000-acre district would include a gas station, a warehouse and a former recycling center, among other properties.

Although the exit is near the town of Fairland, the Shelbyville city limit extends north and west along the interstate to the exit.

Shelbyville's city council approved the district early this week, and the city redevelopment commission, which has the power to lend final approval, meets April 21 to consider the request.

Dan Theobald, who heads the city's economic development agency, said he anticipates the commission's approval.

Income, sales and other taxes collected in TIF districts are reinvested in infrastructure and other development within the areas.

The new district would be financed by about $13 million in revenue bonds issued by the redevelopment commission, to be paid back within 30 years.

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