Jeffersonville redevelopment commission looking to expand TIF district

The commission unanimously approved adding land to its Inner City Road Economic Development Area, just the first step in the process.

The expansion includes various pockets across Jeffersonville, including land along both sides of Ind 62 north of Ind. 265, the land surrounding the future heavy-haul road and a small portion encompassing the future Gateway property at 10th and Spring streets.

"The mayor and the administration has determined that it would be in the city's best interest to make every effort possible to maximize the development in that area by investing back in the area to ensure that we have the infrastructure necessary and also any other assistance that we can provide to assist businesses," City Attorney Les Merkley said during a redevelopment commission meeting this week.

TIFs are the primary funding source for Indiana redevelopment commissions. Municipalities typically create TIF districts where economic development is occurring or expected to occur. Tax revenue generated from a TIF district is handed to redevelopment commissions to reinvest back into communities for infrastructure and other redevelopment projects.

"We might as well make sure we’re in the position to have the best development that we can and make sure that we do all this right because [Ind.] 265 and [Ind.] 62 is just another gateway into Jeffersonville," Redevelopment Director Rob Waiz said.

Waiz said he doesn't know how many acres the expansion encompasses or how much revenue he expects it to bring in.

The largest contiguous section is in the northeast of the city, along the future heavy-haul road.

"We just foresee development, business, manufacturing companies coming in through that area," Waiz said.

In order for the expansion to become official, the city's plan commission and council must give approval.

Merkley said Umbaugh and Associates will update the commission next month on the state of the city's TIF districts and projections for the next several years.

JEFF PLAZA REDEVELOPMENT

The commission also unanimously approved allocating up to $30,000 to redevelopment a portion of Jeff Plaza to transform it into a public space. The city could rent the courtyard space near Maxwell's House of Music for $1 a year, with the option to renew the lease for up to five years.

While the plans are still in the beginning stage, Jeffersonville Mayor Mike Moore said ideas include building a stage for performers, repaving concrete and painting murals and adding a picnic area and artistic benches.

Moore said he believes public art shouldn't be concentrated in just one area of the city.

"If there's one thing I hear from 10th Street merchants, it's 'don't forget about us,'" he said.

Moore added he doesn't want the city to pay for a stage or electronic equipment like speakers, preferring Maxwell's House of Music provide those amenities.

Redevelopment Commission President R. Monty Snelling said he has some reservations, alluding to concerns about criminal activity happening on city-leased property.

"Is this going to come back to bite us, citywise?" Snelling asked.

Moore said he didn't think so, referencing loitering and other issues on Allison Lane that reduced when Allison Brook Park was built.

"If you let something decay, it's going to continue to decay," he said. "If you fix something up, people are going to take pride in it."

A lease agreement wasn't approved during the meeting.

BOND REFUNDING

The commission also finalized refunding a 2006 bond issued to build city buildings, per the recommendation of Umbaugh.

Merkley said refunding reduces the bond repayment and could save the city more than $500,000 over the next 10 years.