Jump to content


Photo

NICTD: Plan for transit development districts


  • Please log in to reply
1 reply to this topic

#1 CNJRoss

CNJRoss

    Administrator

  • Admin
  • PipPip
  • 43390 posts
  • Gender:Male
  • Location:Fairfax, VA

Posted 22 February 2017 - 12:27 PM

The Times, Munster, IN 2/20:

2017 Indiana General Assembly
Plan for transit development districts clears first hurdle
 
 

INDIANAPOLIS — An innovative plan to finance development near commuter rail stations on the South Shore Line and proposed West Lake extension was approved 19-3 Monday by the House Ways and Means Committee.

 

House Bill 1144, sponsored by state Rep. Hal Slager, R-Schererville, would put the Northwest Indiana Regional Development Authority in charge of promoting and managing commercial and residential investment at Transit Development Districts centered on the rail stops.

 

SNIP

 

The RDA's planning consultant, Indianapolis-based Policy Analytics Inc., estimates the local tax revenue growth available for development spending in Lake and Porter counties will total $456.2 million over a 20-year period.

Slager said the release of that number last week got the attention of officials in LaPorte and St. Joseph counties who now are interested in taking advantage of TDD opportunities on their portions of the South Shore Line.

 

"Hopefully we'll make this attractive enough that they'll want to be a member of the RDA," Slager said. "If they are not a member of the RDA they cannot participate."

 

 



#2 CNJRoss

CNJRoss

    Administrator

  • Admin
  • PipPip
  • 43390 posts
  • Gender:Male
  • Location:Fairfax, VA

Posted 25 February 2017 - 04:02 PM

The Times, Munster, IN 2/23:

House approves South Shore development financing plan

 

 

INDIANAPOLIS — The Indiana House overwhelmingly approved Thursday a first-of-its-kind plan for coordinated transit-oriented development near stations along the current and future routes of the South Shore Line.

 

House Bill 1144, which now goes to the Senate, puts the Northwest Indiana Regional Development Authority in charge of promoting and managing commercial and residential investment within Transit Development Districts, or TDD for short, centered on at least eight rail stops.

 

SNIP

 

The legislation authorizes the RDA to borrow funds to speed construction of TDD property improvements that still would be subject to municipal planning and zoning ordinances.

 

Growth in local property and income tax revenues within each TDD would be used to repay the transit-oriented development debt.

 

More here.






1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users