(BEDFORD) - Members of the Bedford Redevelopment Commission took the initial steps to establish 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.
Bedford Mayor Shawna Girgis says the proposed TIF would include GM, the nearby rail loop, a nearby industrial property, the historic Indiana Limestone building, the downtown district, the John Williams Boulevard corridor, and the Foote's Tomb area.
The city's plan commission approved the proposed Bedford Downtown and North Side Economic Development Area Tuesday afternoon and the city council approved it Tuesday night. A public hearing has been set for Feb. 27 at 5:30 p.m. at Bedford City Hall.
In 2006, the RDC 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 engaged officials at General Motors regarding a third TIF to be created on the city's northeast side. GM has opted to invest more than $250 million in upgrading its Bedford plant, and that money should translate to approximately 450 new jobs.
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