The Michigan City Redevelopment Commission is a five-member board that oversees the City of Michigan City Department of Redevelopment. Established under state law, the Commission is empowered to clear, plan and redevelop areas impacted by blight and to undertake economic development in previously undeveloped or in developing areas within the city limits of Michigan City, IN.
The Redevelopment Commission’s mission is to address conditions associated with (1) blight (in formally designated "redevelopment areas") and (2) the underutilization of land or barriers to development (in formally designated "economic development areas").
TIF is a tool that uses future gains in tax revenue to finance current improvements that will create those gains. When a public project such as road construction or hazardous waste cleanup is carried out, there is often an increase in the value of the surrounding real estate and perhaps new investment (new or rehabilitated for example). This increased site value and investment generate increased revenue. The increased revenues are the “tax increment.” Tax Increment Financing dedicates increments within a certain defined district to finance debt issued to pay for the project. TIF is designed to channel funding toward improvements in distressed or underdeveloped areas where development might not otherwise occur. TIF creates a self-funding mechanism for “public” economic development projects that may otherwise be unaffordable to localities.
The Redevelopment Commission has established Tax Increment Finance Zones: South Gateway, City North, and Eastside.
For more information on the Redevelopment Commission, including TIF maps, current project documents and more: www.emichigancity.com/cityhall/boards/redevelopment/