LAFAYETTE, Ind. (WLFI) – A new law could affect redevelopment in downtown Lafayette.
The law eliminates tax increment finance, or TIF districts, created before 1994 that currently have no debt. Those TIF Districts will be eliminated in 2025.
Downtown Lafayette is one of the area’s older TIF districts and will be affected by the new law. Lafayette Redevelopment director Dennis Carson said a new TIF will be created, but it will take time to build revenue needed for future projects.
“We have a lot of need in the downtown area for infrastructure and capital improvements, so this is going to hamper our ability to do those kind of projects,” said Carson.
Carson says the Redevelopment Commission plans to meet with financial advisers to discuss other ways to fund redevelopment projects.