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Last updated on Wednesday, March 14, 2012
(BEDFORD) - The Bedford City Council Tuesday night adopted a resolution approving the establishment a third Tax Increment Financing district within the city.
A TIF is a tool governments employ to generate property tax revenue to be used for improvements and development within a designated area.
In 2006, the Bedford Redevelopment Commission created the city's initial TIF district, which includes the Walmart superstore. Then, in 2010, Bedford added a second TIF focusing on the East Gate Business and Technology Center, formerly home to Visteon. It also includes the Plaza Drive South project and the Shawnee Drive area within the city's southwest section.
In July of 2011 the RDC decided to engage officials at General Motors regarding a third TIF to be created on the city's northeast side. Gene McCracken, executive director of the Lawrence Economic Growth Council, said officials at GM are working closely with city leaders on the project.
Bedford Mayor Shawna Girgis said the proposed district would include the railroad industrial loop near General Motors and also the Community Learning Center, currently housing students attending Oakland City University and Ivy Tech.
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