Hearing is next for TIF

A public hearing will be one of the last steps in developing a tax increment finance (TIF) district in Geneva.
Geneva Plan Commission and Geneva Town Council both approved Tuesday evening the proposed TIF district’s economic development plan and declaratory resolution.
The plan outlines where and how money will be spent, with the district encompassing Red Gold’s current building as well as its $8.5 million expansion that is currently underway, the new Dollar General on U.S. 27, Geneva Manufacturing, downtown businesses and all of the town’s assets. Funds generated from taxes will be spent on infrastructure and other projects in the district.
One member of the public commented with worries about taxes being taken away from local schools and the public library.
Plan commission members explained that the library will be included in the district, allowing generated money to be used on its development.
The district is estimated to bring in $2.5 million over a 25-year lifespan.
The issue will now go to public hearing at 5:30 p.m. Dec. 16 at town hall. If there are no concerns, the paperwork will be filed with the Adams County auditor and the Indiana Department of Local Government Finance to complete the process.