LAFAYETTE, Ind. (WLFI) — The Tippecanoe, Lafayette and West Lafayette redevelopment commissions all met Tuesday night. A new state law says the commissions must report the impact of tax increment funds every year. So instead of having three separate meetings, they all met under one roof.
All groups presented the progress their respective TIF districts have made this year and what those districts hope to do with its tax revenue next year. TIF allows for projects to get done sooner. For example public infrastructure can be expedited because of TIF.
County Tom Murtaugh commissioner says TIF helps districts thrive and grow.
"TIF is a very important instrument to help provide infrastructure in those growing areas so that it helps to create jobs and it helps with quality of life," said Murtaugh.
TIF is used for projects such as utilities and roads. The funds can only be used in the district it represents.