LAFAYETTE, Ind. (WLFI) – City and county leaders are working on improving and further developing the Hoosier Heartland area.
The Lafayette Redevelopment Commission approved of a resolution Thursday morning to create a Tax Increment Financing District to the area. The TIF District would allow city and county government to build utilities within the area and expand the industrial and commercial area.
Economic Development Director Dennis Carson said they hope to establish the TIF by the end of the year.
“In other areas around Greater Lafayette, we are starting to run out of industrial land, so we needed to look at other places because we’ve had a lot of success here recently and we want to continue that,” said Carson.
In addition to Thursday’s resolution, commissioners approved a 10-year tax abatement for the General Electric Company’s new aviation facility, as well as a 10-year tax abatement on the property GE is leasing.