PRINCETON— Gibson County Commissioners Tuesday approved a new economic development corridor along U.S. 41 from Patoka to Interstate 64.
The board sends the new proposal to Gibson County Redevelopment Commission members, who previously approved a much larger Economic Development Area (EDA), only to have commissioners rescind the action to make way for the scaled-back version.
The first proposal encompassed 118,000 acres west of U.S. 41.
The new one spans a half mile on both sides of the highway, widening to include the recently extended 2nd Avenue project south of Princeton, and the former Emge Packing property near Fort Branch.
Board of Commissioners President Steve Bottoms made note that the EDA cannot include municipalities or an existing tax increment finance district.
An EDA is a first step to creating a tax increment finance district, which would allow the redevelopment board to capture a portion of property taxes within the TIF district’s boundaries to finance infrastructure and other projects benefitting the district.
The county created an EDA along Interstate 69 a year ago. A feasibility study for infrastructure improvements at three state highway exchanges along the interstate was recently completed and presented to commissioners.
Commissioners said that the more narrow boundaries of the newest proposed EDA along U.S. 41 doesn’t mean that the county can’t quickly create a new TIF district if needed.
“This will not keep us from forming other TIF districts or other EDAs,” said Bottoms.