The Culver Town Council members recently discussed a resolution that amends the Economic Development Plan for the Culver Economic Area.
The Culver Redevelopment Commission met last week where they approved a declaratory resolution amending the Economic Development Plan. Phil Faccenda from Barnes and Thornburg said he went over the information with the Culver Redevelopment Commission and the Culver Plan Commission members.
Faccenda said, “Those amendments are basically to clean up the TIF area by removing some parcels that have devalued over time.”
He explained that the TIF District was initiated in 2004 and amended in 2014 to expand the area, but 10 parcels are being removed as they are lowering the amount of TIF revenue when the goal is to maximize TIF revenue.
Kyle Carlson from Baker Tilly said there is a $121,090 negative increment assessed value in those 10 parcels.
Culver Town Manager Ginny Bess Munroe said two to three properties will be developed next year and a new TIF area will be created once certain processes are finalized. Two of the 10 parcels could be put back in the Culver Area 1 at the end of the process.
The resolution was unanimously approved. A public hearing will be held concerning this action during the next Culver Redevelopment Commission meeting Monday, December 20.
