Danville commission approves Baker Tilly engagement and hears TIF 101 briefing
March 13, 2024 | Danville Town, Hendricks County, Indiana
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The Danville Redevelopment Commission voted March 13 to continue an engagement with Baker Tilly to assist with tax increment financing (TIF) reporting and related services and heard a detailed TIF 101 presentation from a firm representative.
The chair introduced the item and the commission moved, seconded and approved engaging the vendor for the calendar year to meet statutory reporting obligations. Heidi, who identified herself as with BigIntelligence and as part of the consultant team working with the commission, outlined services laid out in the engagement letter: core reporting (including the TIF management report due April 15), pass-through letters to overlapping taxing units (due by June 15), an annual spending plan (due Dec. 1), optional TIF annual projections and feasibility studies, and assistance with creating or amending TIF areas.
"The purpose of TIF ... is to have a revenue stream to be able to incentivize projects and to fund infrastructure without raising folks' taxes," Heidi said during the presentation, explaining base versus incremental assessed value and permitted uses such as facade grants, demolition, parking and bond-funded projects. She emphasized that Indiana redevelopment commissions "cannot give TIF revenue directly to any private entities without" mechanisms such as forgivable loans or bonds.
Heidi also explained that commercial allocation areas currently have a 25-year life (which typically begins when long-term bonds are issued) and residential housing TIFs have a 20-year life. The presentation outlined that all TIF reporting will be uploaded to the Indiana Gateway transparency portal and that the commission must decide who will present the April filing to the town council.
The commission asked questions about billing options (hourly vs fixed monthly), the content of engagement letters and the parcel lists that must be uploaded. Heidi offered to prepare a less technical PowerPoint if the commission preferred a council presentation.
Next steps recorded in the meeting included finalizing the engagement letter and preparing the TIF management report for filing before April 15.
The chair introduced the item and the commission moved, seconded and approved engaging the vendor for the calendar year to meet statutory reporting obligations. Heidi, who identified herself as with BigIntelligence and as part of the consultant team working with the commission, outlined services laid out in the engagement letter: core reporting (including the TIF management report due April 15), pass-through letters to overlapping taxing units (due by June 15), an annual spending plan (due Dec. 1), optional TIF annual projections and feasibility studies, and assistance with creating or amending TIF areas.
"The purpose of TIF ... is to have a revenue stream to be able to incentivize projects and to fund infrastructure without raising folks' taxes," Heidi said during the presentation, explaining base versus incremental assessed value and permitted uses such as facade grants, demolition, parking and bond-funded projects. She emphasized that Indiana redevelopment commissions "cannot give TIF revenue directly to any private entities without" mechanisms such as forgivable loans or bonds.
Heidi also explained that commercial allocation areas currently have a 25-year life (which typically begins when long-term bonds are issued) and residential housing TIFs have a 20-year life. The presentation outlined that all TIF reporting will be uploaded to the Indiana Gateway transparency portal and that the commission must decide who will present the April filing to the town council.
The commission asked questions about billing options (hourly vs fixed monthly), the content of engagement letters and the parcel lists that must be uploaded. Heidi offered to prepare a less technical PowerPoint if the commission preferred a council presentation.
Next steps recorded in the meeting included finalizing the engagement letter and preparing the TIF management report for filing before April 15.
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