Geneva council gets advice on formation of TIF district
Members of the Geneva Town Council heard a presentation surrounding the specifics of the process involved in establishing a tax increment finance district at their regular monthly meeting last week.
TIF districts are currently a popular tool used by local governmental entities to capture assessed value and new property taxes from new development in a designated area.
In April, council had voted to hire the consulting firm of Carter Dillon Umbaugh, LLC, Plymouth, to help them establish a TIF district in the area surrounding the Red Gold manufacturing facility if the company proceeded with its plans to build a warehouse on a portion of the 12-acre tract of land formerly known as Fields Park. The company purchased the property from the county in February, and has since razed the wooded lot in anticipation of construction.
Although no formal announcement has been made to confirm those plans are moving forward, council heard from Attorney Kimberly Blanchet, a partner in the Indianapolis Law Firm of Barnes and Thornburg, LLP, and Steve Carter, a principal with Carter Dillon Umbaugh, who guided them through the TIF establishment process.
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