HIGHLANDER POINT: A GATEWAY - Floyd County Indiana

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Financing 55Tax Increment Financing (T I F)Tax increment financing is a subsidycreated by State enabling legislation. Theincreased tax revenue from that areaapplied to finance redevelopment withinthe district. It is the responsible of localgovernments to enforce TIF’s.TIF has versatile uses; financing newinfrastructure projects, land acquisition orparceling services, planning andengineering services, and demolition andrehabilitation of buildings. In addition, TIFdistrict can be employed to financeBrownfield redevelopment projectsIndiana state legislation states that onlyareas of blight are eligible for TIF districts.Once the development property isestablished, the property value is frozen,development bonds are issued anddevelopment commences. The differencesin property value (pre TIF and postimprovement) are used to pay for thedevelopment bonds. All redevelopmentplans must conform to the comprehensiveplan, and must specify the type of landcreated by the development.TIF has proven to be beneficial for largerurban areas. Today rural communitieshave begun to implement similar strategiesand projects. In the region, SpencerCounty, Kentucky plans to designate up to500 acres of land as a TIF district forindustrial uses. Spencer County hopes thatthis will help to finance road andinfrastructure improvement in the area toattract businesses for an industrial park.The added businesses in the county willalso help to add to the county’s taxrevenues which are currently mostly fromresidential property taxes (Green, 2006).Special Tax DistrictsAnother form of Tax increment financing(TIF) are special taxing districts. Thegovernment establishes these specialdistricts to fund specific improvementswithin the district. State enabling legislationpermit special tax districts and areadministered by a localgovernment/community entity (Berens etal, 1996).Creation of special tax districts circumventsthe need to tax existing residents forfacilities required for new developmentsand spreads the costs of improvementsover a targeted group of owners for arepayment period of 15 to 20 years((Berens et al, 1996).Impact FeesImpact fees are fees charged to thedeveloper or to a homebuyer to recover theportion of the cost of certain off-siteimprovements or facilities attributed to thesubdivision or lot. Impact fees areallowable under Indiana state law, and maybe imposed by any county, city, townshipor town. They may be exacted on any newreal estate development, residential orcommercial; to mitigate or defray the
Financing 56capital costs of new or improvedinfrastructure required to serve thatdevelopment.The establishment of impact fee ordinancerequires an approved comprehensive planfor the community. Impact Fees alsorequire the establishment of a ZoneImprovement Plan (ZIP) for each areawhere the impact fees are applied.ZIP’s contain information on the existinginfrastructure, and ten year projections ofanticipated development and infrastructureneeds in the area. It also contains fundingsources information and a historic finicalrecord of pervious infrastructure projectsfor the previous five years. To uses ZIPslegally they must be assessed and updatedon an annual or semi annual bases.Caution should be used when consideringimpact fees. Without proper growthmanagement measures, impact fees cancause development to occur in areaswhere ample infrastructure already exists(Berens et al, 1996. This could causeovercrowding in an area and can causefurther impact on the existinginfrastructure. Growth managementtechniques such as clustering developmentand having a working land use plan canhelp to alleviate such issues.ReferencesBlakely, Edward J., Bradshaw, Ted K.,(2002) Planning Local EconomicDevelopment: Theory and Practice.(3 rded.). California: Sage Publications, Inc.Green, Marcus. (2006, April 10). Spencer’sgrowing pains. The Courier Journal, pp.A1, A4.Indiana Department of Commerce.Community Development Block Grant(CDBG) Brownfields RedevelopmentProgram-Policies and Guidelines,Retrieved March 11, 2006http://www.in.gove/idem/brownfields/funding/cdbg_guidelines.htmlIndiana Economic DevelopmentCorporation. (March 11, 2006) IndustrialDevelopment Block Grant Fund (IDGF),Retrieved March 11, 2006http://www.in.gov/iedc/incentives/idgf.htmlKentucky Transportation CabinetTransportation Enhancement Programs,Office of Transportation EnhancementPrograms,Retrieved March 12, 2006 fromhttp://www.tea21.ky.gov/Miles, Mike E., Richard L. Haney, Jr., andGayle Berens. (1996) Real EstateDevelopment Principles and Process. (2 nded.). Washington, D.C.: ULI-The UrbanLand Institute.
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HIGHLANDER POINT: A GATEWAYOVERLAY
Page 6 and 7: PLANNING PROCESS
Page 8 and 9: Planning Process 6Floyd County Plan
Page 10 and 11: Planning Process 8Sample #9 - 2 nd
Page 12 and 13: LAND USE
Page 14 and 15: Land Use 12expand their houses and
Page 16 and 17: Land Use 14Current ZoningCurrently
Page 18 and 19: Transportation 16TransportationChar
Page 20 and 21: Transportation 18Walking and Bicycl
Page 22 and 23: Transportation 20ReferencesCity of
Page 24 and 25: Conservation Design 23Rural Conserv
Page 26 and 27: Conservation Design 25community zon
Page 28 and 29: Conservation Design 27For Wildlife
Page 30 and 31: Conservation Design 29Land Use Poli
Page 32 and 33: Conservation Design 31continue to o
Page 34 and 35: Conservation Design 33Example 3:Pra
Page 36 and 37: WASTE TREATMENT
Page 38 and 39: Waste Treatment 37community and the
Page 40 and 41: Waste Treatment 39Within the study
Page 42 and 43: Waste Treatment 41• Needs Assessm
Page 44 and 45: Waste Treatment 43References (Conti
Page 46 and 47: Greenways, Trails, & Parks 45Greenw
Page 48 and 49: IN-150Greenways, Trails, & Parks 47
Page 50 and 51: Greenways, Trails, & Parks 49In ter
Page 52 and 53: Greenways, Trails, & Parks 51Refere
Page 54 and 55: Financing 53FinancingTo sufficientl
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HIGHLANDER POINT: A GATEWAY - Floyd County Indiana

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