Goshen Redevelopment Commission members voted 3-2 in favor of a resolution establishing the boundaries and economic development plan for a new tax increment financing district on the city’s southeast side.
As reported by the Goshen News, tax increment financing, or TIF, is a tool that allows municipalities to promote economic development by capturing the increases in tax revenue generated by private development within a designated district. That captured tax revenue is then used to pay back the private investors who paid for the public improvements required to complete that new private development.
Coined the Lippert/Dierdorff Economic Development Area, creation of the new TIF district is directly tied to the Goshen City Council’s approval in March of an annexation request by Lippert Components Inc. The agreement involves three parcels of land totaling approximately 153 acres located east of and adjacent to the existing Goshen corporate boundary on the north and south sides of C.R. 36, just southeast of the Elkhart County 4-H Fairgrounds.
Central to that annexation request is a plan by Lippert to use the property as the location of a new $20 million facility focused on light manufacturing, research and development with the potential for multiple facilities at the site. The company builds components for the recreational vehicle industry.
For the full story click here.