Goshen City Council members Tuesday approved on a 5 to 2 vote a resolution establishing a new tax increment financing district on the city’s southeast side.

The Goshen News reported that tax increment financing, or TIF, is a tool that allows municipalities to promote economic development by earmarking property tax revenue from increases in assessed values within a designated district.

Creation of the new TIF district, coined the Lippert/Dierdorff Economic Development Area, was proposed in part as a result of the council’s approval in March of an annexation request by Lippert Components Manufacturing Inc. involving 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.

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