WEST LAFAYETTE, Ind. (WLFI) – The West Lafayette City Council passed two measures aimed at driving development along the new U.S. 231 corridor Monday night.
The resolutions declare two areas along the new highway as economic development areas. As News 18 has already reported, these areas will be tax increment finance areas, or TIF districts. The areas allow the city to create incentives for development, then take in taxes from the assessed value to use for public projects like infrastructure improvements.
The first area borders U.S. 231 and stretches from Cumberland Avenue to the area of the new Meijer and Menards. The other includes land near Purdue West.
“There is a wing of Purdue that does generate revenue that does pay tax. For example, what goes on at the research park, that is sort of the business side of Purdue and like any other business in the city of West Lafayette, they pay tax. The same thing would apply towards any business that’s within the Purdue TIF,” said West Lafayette Mayor John Dennis.
The TIF districts will head back to the West Lafayette Redevelopment Commission for a final resolution. The process should be wrapped up by the end of May.