PRINCETON — Gibson County Redevelopment Commission members got their first update on steps involved in creating a new tax increment finance district to help underwrite the cost of providing infrastructure for new housing development between Haubstadt and Fort Branch..
Gibson County Economic Development Corporation CEO Paul Waters said Monday night that the proposal will also go to South Gibson School Corporation and Union Township officials. Gibson County Commissioners and Haubstadt Town Council members learned about the project last week and endorsed the concept.
If created, the TIF district would encompass a 31.04-acre subdivision of single-family homes proposed by developer Kenny Reinbrecht in Union Township, off County Road 925 South, west of U.S. 41. The subdivision, anticipated to be developed in two phases, would initially involve 30 to 35 lots, ultimately creating about 70 homes.
The cost of the infrastructure work would be about $1.8 million, Reinbrecht estimated. The single-family homes planned for new construction would be in the $235,000 price range.
Creating the TIF district for the property would allow a portion of the property taxes collected on improvements to the real estate to be captured for funding infrastructure (utilities) needed to develop the ground. Reinbrecht Homes, which is developing the property, would finance the bonds and the portion of property taxes captured within the TIF district would be used to repay the financing. County Attorney Jim McDonald said there's no financial obligation to the county. The TIF district would expire in 20 years.
After the proposal is presented to the other taxing entities, it must also be submitted to the Indiana Department of Local Government Finance for approval.
In other business during Monday night's monthly session:
• The commission re-elected Phil Young as president, Bruce McIntosh as vice president and George Ballard as secretary.
• Gibson County Auditor Sherri Smith told commission members, who had asked her to investigate whether anticipated layoffs at Gibson County Coal would have an impact on any TIF or abatement incentives, that the company has an unused abatement incentive that expires in 2022-23, but the company has not filed paperwork to receive it. She said she has no information on any impact on personal property taxes paid by the mine.
Smith also presented a list of the TIF districts and parcel numbers within the district, and balances for each district.
• Members learned, following a declaratory resolution for the turn lane expansion project at County Road 350 South and US 41, that bids could be advertised following the February meeting.
• Among TIF project updates, commission members were told the original $5.1 million Toyota parking lot project is about $500,000 under budget.
• The board approved pay requests of $9,884 to Parker Excavating LLC for the Baldwin Estates housing project, $8,072 to United Consulting Engineers, $9,800 to Baker Tilly Munical Advisors LLC, $16,257.30 to Hazex Construction for the Toyota parking lot project, $4,701.79 to Beam Longest and Neff for the County Road 800 South Project, $546,200 and $171,700 to Old National Wealth Management for bond payments, $1,500 to German American Bank for trustee fees, $383 to Oakland City Columbia Township Library for technology and furniture, $473,630 to German American Band for bond payments, $283,840 to Ragle Inc. for the City of Princeton water line replacement project, $312.50 to Angie Walden for commission meeting minutes, $38.47 to the South Gibson Star-Times and $82 to the Princeton Daily Clarion for legal advertisements.