EVANSVILLE, Ind. (WEHT) — A plan to build about 400 housing units was given initial approval as well as a tax incremental financing plan known as a TIF worth over $10,000,000.
Under the current plan, that means Vanderburgh County will allow the developer Parkway Improvements LLC to build new infrastructure for the project by purchasing bonds. The county will then pay back the developer by using the future tax revenue the project creates.
“This TIF has allowed both our development team and the county to work together,” says David Altstadt Jr. with Parkway Improvements LLC. “It’s at basically no cost to the county, and, you know, we’re working together. It’s more or less a reimbursement program that allows us to get the infrastructure in place.”…