TIPPECANOE COUNTY, Ind. (WLFI) – Development along the new U.S. 231 corridor could be simpler thanks to a vote by the Area Plan Commission.
The APC approved resolutions to declare two areas along the new highway as economic development areas. These areas will be tax increment finance areas, or TIF districts. The areas allow the city to create incentives for development and then take in taxes from the assessed value to use for public projects like infrastructure improvements.
APC Executive Director Sallie Fahey said one of the areas borders 231 and stretches from Cumberland Avenue to the area of Menards and the new Meijer. The other includes a lot of land owned by Purdue and the Purdue Research Foundation.
“The question was asked tonight, ‘Well, would they get any tax increment from Purdue on land?’ The fact is, if they build a building and then lease space to a private entity, then that part would generate tax funds,” said Fahey.
Fahey said it’s too early to tell what exact projects these areas will generate. The West Lafayette City Council will be the next government body to vote on the areas.
Also, the APC had a split vote on changing an area off Veterans Memorial Parkway from Neighborhood Business to General Business. A bagel shop wants the area to be zoned as General Business to allow for a drive thru. The request was continued to next month’s meeting.