The third step in a four-step process to establish a new tax increment financing district in Seymour has been completed.
First, the Seymour Redevelopment Commission adopted a resolution to approve an economic development plan for the Jackson Park Economic Development Area.
Then it went to the Seymour Plan Commission and Seymour City Council, which approved 7-1 and 7-0, respectively, with plan commission member Rick Schleibaum casting the lone dissenting vote.
Now, it goes back to the redevelopment commission for final approval during its meeting at 4 p.m. Monday in the council chambers at city hall.
The area includes three parcels — one where an apartment complex is being built along Miller Lane, another where an apartment complex is set to be built along Burkart Boulevard South and the other where Goecker Construction Inc. is now located on Jackson Park Drive.
As required by Indiana Code, the redevelopment commission had to provide a statement disclosing the impact of the creation of the new allocation area, including the estimated economic benefits and costs incurred as measured by increased employment and anticipated growth of real property assessed values and the anticipated impact on tax revenues of each taxing unit.
The commission anticipates the new economic development area will promote significant opportunities for gainful employment for the city, assist in the attraction of major new business enterprises to the city, provide for local public improvements in the area, attract and retain jobs, increase the property tax base and improve the diversity of the economic base of the city.
It’s anticipated these benefits will be attainable through the capture and subsequent reinvestment of newly assessed real property taxes that will become taxable.
City attorney Christina Engleking said Reedy Financial Group has estimated this new TIF district would generate an assessed value increase of approximately $23 million for real property and generate new jobs for the city.
“The allocation area does not affect property taxes,” Engleking said.
Besides professional services needed to establish the economic development area, the redevelopment commission doesn’t expect to incur any additional costs.