Provide a financing option in order to enable municipal units to use increased tax revenues or "tax increment" stimulated by redevelopment to fund the capital improvements needed to spur the redevelopment.
Encourage economic development and funding for public projects in areas that would otherwise have been undesirable or impossible at certain locations due to situations such as:
Lack of current development
Character of occupancy
The Way It Works
Freeze property assessment at level prior to redevelopment in designated location.
Issue municipal bonds to finance fraction of redevelopment.
As assessments in the designated region amplify, apply the increment in tax revenues to repay debt acquired from the previous issuance of bonds.
Easily accessible due to lack of referendum or petition approval requirements
Transfers risk from taxpayers to bond holders.
By implementing TIF districts, the Town of Chesterton's aspiration is to facilitate the installation of sanitary sewer, water, and fiber optic service under the Toll Road (I-80/90) to property within Chesterton Town limits on the East & West side of 49. By doing so the town's objective is to encourage residential, commercial, and restricted types of industrial expansion in the Chesterton region.
TIF Districts in Chesterton
The larger and original of the 2 TIF districts located in Chesterton encompasses 1,259 acres of land. The district runs along both east and west sides of Indiana State Road 49 from as far north as Indian Boundary Road / County Road 1275 North and its southern border extends to the Indiana Toll Road. For a closer look, check out Chesterton's TIF district map (PDF).
A 142 acre area is located south of the Indiana Toll Road. The property east of Indiana 49 is also referred to as the Rossman property and the property to the west is referred to as the Pope properties.