WEST LAFAYETTE, Ind. (WLFI) – A step taken on Wednesday by the West Lafayette Redevelopment Commission is something some city officials have been waiting years for. It’s a major reason the city annexed areas along the new U.S. 231 corridor.
Two tax increment finance areas, or TIF districts, in the newly annexed land were approved by the commission.
“We’re hoping there will be more development that occurs in these areas so this is all looking toward the future,” attorney Richard Starkey said.
A TIF district allows the city to set certain incentives to bring development to the area, including phasing a potential company’s taxes over a period of time.
The first district is called 231 North. It includes areas off 231, like the new Meijer project. The other is called 231 Purdue. It includes areas owned by the Purdue Research Foundation as well as areas surrounding 231 and the university.
Starkey is representing the city during the process of developing the TIF districts.
“As new development comes on that creates a tax increment and that increment is used by the redevelopment commission to do infrastructure, roads, etc., so that more development can occur,” Starkey said.
Mayor John Dennis said by being able to create incentives the city can have a hand in what comes to the area.
“As a city we want to make sure what goes out there fits the unique personality of Purdue and West Lafayette,” Dennis said. “By creating a TIF district and have the freedom of incentivization it does make it a better opportunity to have more predictability of what will go out there.”
The process is not over yet. Next, they will go across the river to the Tippecanoe County Area Plan Commission.
“We go to the plan commission for their approval. We go to the city council for its approval. We have a public hearing after that,” Starkey said. “Then, we come back to the redevelopment commission to confirm all those meetings.”
Starkey expects the TIF districts to receive full approval by late May.