Bedford Tax Incremental Financial District increasing revenues help city with future projects
BEDFORD - AUGUST 16, 2023 - The three Economic Development Areas in Bedford are brining in needed revenues for projects and future projects for the city.
Photo: GM Powertrain is in Downtown and Northside TIF district and EDA area
The three tax incremental finance district is projected to bring in an estimated $4,069,974 in 2023. . The city's EDA and GM personal property brought in $3,361,308 in revenue last year which was an increase of $708,666 in revenue by the end of 2023.
Bedford EDA areas include the area around Walmart which now extends to the new Bedford Police station on 16th Street, East Gate in the area of Plaza Drive, and General Motors.
The EDA 1 area around Walmart will remain in effect until 2036 and is estimated to bring in $20,206,480 during the next 13 years.
The EDA 2 area around Walmart will remain in effect until 2039 and is expected to bring in $7,314,750 for the next 16 years
The EDA 3 area which is around the Downtown and GM will remain in effect until 2036 is expected to bring in $5,518,300 for the next 16 years
GM personal property will remain in effect until 2036 and will bring in $57,988,127 for the next 16 years.
The TIF revenue from all the EDA will bring in $91,027667 over the next 16 years .
The only outstanding bond at this time is the Stonegate Arts & Education Center with that bond going off in 2037. The Plaza Drive bond came off the books in 2022. With the bonds the tax incremental financing will be about $87,423,567 in the next 16 years.
The Bedford Redevelopment Commission plans to support future projects will include the following:
Road improvements including the Round About at John Williams Blvd and Beech Street
Public Safety equipment and buildings
Redemption of 2017 Lease rental bonds (Stonegate Arts & Education Building)
New Bedford Police Station with $3 million spent at this time
Should the city decide to discontinue TIF districts the tax rate would see a decrease of about $0.44 decrease and a levy difference of approximately $58,000.
Photo: Impact on other taxing units
RealtorTonyaHudson@gmail.com Tonya Hudson has 18 years of real estate experience
Located at 1416 James Avenue Bedford, Indiana