GREENWOOD, Ind. — The City of Greenwood is continuing its focus on increased economic development.
The city’s Redevelopment Commission passed a measure the create both an economic development area and tax increment financing (TIF) district for the area surround the new I-65 interchange at Worthsville Road.
The resolution allows Greenwood to collect property taxes from new development in the TIF district and dedicate those funds to projects described as critical for providing the needed infrastructure to attract development to the area.
Projects include improvements to streets, sanitary sewers, drainage, public safety, parks and recreation, and other amenities that increase an area’s quality of life.
“Due to the creation of TIF districts, our city’s assessed property values have increased by more than $300 million,” said Greenwood Mayor Mark W. Myers. “For Greenwood and other cities across the state, TIFs are an investment in the future. Results demonstrate the many returns we are seeing on that investment, and we will continue to pursue what is clearly an effective strategy for economic development.”
