Floyd County Thoroughfare Plan - Floyd County Indiana - State of ...

Floyd County, IndianaFloyd County Thoroughfare PlanSection 5–Implementation and Next Stepsfor the cost per daily trip has been determined to be in the range of $75 to $250. TheDevelopment Impact Fee is assessed to a new development based on the projectednumber of trips that the development will generate per day. Development Impact Fees mustbe used to improve the infrastructure for the new development, and may not be used forimproving areas with respect to existing real estate.3. Tax Incremental FinancingThe final funding source the County should consider is Tax Incremental Financing. Theestablishment of a Redevelopment Commission and the implementation of Tax IncrementalFinancing districts would provide additional funding for the Highlander Point andEdwardsville Gateway District. The additional revenue could be used either to pay for theimprovements as they are made, or to pay off bonds issued for the development activities.Creating Tax Incremental Financing districts is attractive because it makes the costs ofinfrastructure upgrades to support the development self-financed. The potential total fundsavailable would be determined by the size of a proposed Tax Incremental Financing district.The funds generated by a Tax Incremental Financing district must be used to fundimprovements within the district.Prepared by Strand Associates, Inc. ® 5-16KRH:pll\S:\@SIECO\001--050\046\008\Wrd\Thoroughfare Plan\Draft 07-19-07\S5-Implementation and Next Steps 07-19-07.doc\072007