Shelbyville OKs new development district

May 14, 2008

The Shelbyville Redevelopment Commission has approved creating a tax increment financing district near the Indiana Downs racino, according to The Shelbyville News.

About 80 residents showed up at a Monday night vote to voice opposition to the district, which would use taxes collected in the area to fund infrastructure improvements rather than going toward schools, libraries and fire districts.

Shelbyville's newest TIF district is near the horse-racing track at the Fairland exit on Interstate 74. The track is being renovated with the addition of slot machines.

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

Although the exit is near the town of Fairland, the proposed district is within Shelbyville's city limit.

The new district will 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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