Greenwood approved a plan to set aside tax dollars from new development near Greenwood’s newest interchange.
The Greenwood City Council approved 5-4 the city’s seventh tax-increment financing, or TIF, district along Worthsville Road. The split decision was the final of two approvals the TIF district needed from the city council. The city redevelopment commission would need to give the TIF district its final approval.
Council members David Lekse, Bruce Armstrong, Chuck Landon and Ron Bates voted against the proposal.
The TIF district also will not exclude multi-family developments, such as apartments and condominiums, as the leader of Clark-Pleasant schools had requested. Superintendent Patrick Spray had asked the city to exclude multi-family developments from the new TIF district, which would allow Clark-Pleasant schools to collect property taxes on new apartment complexes and condominiums that would send their children to the schools.
The city won’t exclude, or carve out a section of property in the TIF district right now because it has no way of knowing if or when residential development will arrive, city attorney Krista Taggart said.
Center Grove schools asked for a similar exclusion when the city approved a TIF district along State Road 135, but it, too, was denied.
City officials encouraged Spray and Clark-Pleasant schools to request funding from the redevelopment commission in the future. And if residential development comes to the TIF district, the city would look at excluding that development to allow the school district to collect on those properties, Taggart said.