The Wells County economic development director formally introduced himself — as well as a “great economic tool,” he said — to Northern Wells school board members Tuesday.
The tool, a Tax Increment Financing district, could not only increase enrollment, which increases state funding, but also possibly help fund new education initiatives some day, Tim Ehlerding said.
A TIF district, Ehlerding said, essentially allows an appointed body to funnel a concentrated dose of new property tax revenue from new or expanding businesses within that district to specific projects.
Though still “very preliminary,” Ehlerding said officials are focusing on not only the Ossian Industrial Park, but also 110 acres just south of 850N and 150 acres northwest of the road and adjacent to the park.
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Ehlerding also said other taxing bodies, such as the school district, still receive the property tax revenue that the land earned before it became a TIF district.
And, he said, the new, designated money would lose its designated status and go to all taxing authorities no later than 25 years after officials create the district.
To illustrate the timeline, Ehlerding presented board members with the following chart.
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