CROWN POINT | A second city board has endorsed plans for an expanded tax increment financing district.
The Plan Commission on Monday voted 5-2 in favor of creating a new economic development area made up of three separate allocation areas where tax increment financing revenue can be collected.
The measure won Redevelopment Commission approval earlier this month. City Council approval is also required.
Voting against the measure Monday were planning board members Bill Feder and Laura Sauerman, whose objections centered on the inclusion of residential-zoned land located in one of the allocation districts.
"Once it's included in a TIF district, the revenue is going to go to the Redevelopment Commission and not for education or for fire, police" or other municipal services, Feder said.
In tax increment financing allocation areas, increased property tax revenue stimulated by new development is used only to pay for infrastructure improvements, such as extension of utilities or roads, within the district.
The allocation area with land zoned for housing is about 130 acres south of the Lake County Government Complex, on the west side of Main Street, that is currently vacant.
Planning board members who voted in favor said placing the location in an economic development area will make it more attractive for development.
Development in the area of North Main Street "has been stagnant," Planning Administrator Christopher Meyers told the board.
The other proposed new allocation areas are about 20 acres south of 125th Avenue between Main and Marshall streets, where Carmel, Ind.-based Mainstreet Property Group plans to construct a senior care facility, and about 300 acres east of the intersection of Interstate 65 and 109th Avenue.