The towns of Etna Green and Syracuse are eligible to have residential tax increment finance (TIF) districts, according to a Baker Tilly study conducted on behalf of the Kosciusko County Redevelopment Commission.
Alan Tio, chief executive officer of Kosciusko Economic Development Corporation, told the Commission Thursday that the studies for the residential TIF districts in Syracuse and Etna Green resulted in Baker Tilly telling Tio both communities are eligible for the residential TIFs, meeting the 1% caps in the performed studies.
Tio said to set up a residential TIF district, it has to be shown the amount of housing produced in the previous three calendar years doesn’t average more than 1% of the total homes in that jurisdiction.
The proposed TIF district in Syracuse is an approximately 112- to 117-acre property about 2 miles south of Syracuse on the north part of Lake Wawasee where South Shore Golf Course was.
Tio could not verify after Thursday’s meeting the exact location of where the TIF district in Etna Green may be.
Tio said the Commission would be able to proceed in forming teams to start the work in the TIF districts.
Baker Tilly will have to put together projections of what new property taxes will be generated in those areas and what expenses are associated with development, such as sewer, and that information will be shared with the Commission.
Commission President Joni Truex asked if the two TIF districts are being kept separate and if Commission attorney Adam Turner is being kept in the loop of what is going on so Turner can add his input. Tio said yes to both questions.
