Valparaiso Redevelopment Commission
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1 Valparaiso Redevelopment Commission 2004
2 Redevelopment Commission: Membership Established by the City Council in 1995 Two council members are appointed by the Council on an annual basis Remaining three members are appointed by Mayor for one-year terms starting January 1 st.
3 2004 Commission Members George Douglas Mike Baird John Bowker Jan Dick Chuck Williams
4 Redevelopment Commission: Purpose The Commission was established to: redevelop blighted areas; develop economic areas for the benefit of public health, safety, morals, and welfare; increase the economic well-being of the Valparaiso community; and to protect and increase property values.
5 Redevelopment Commission: How a TIF district works Once upon a time, there was a parcel of land with big hole in the ground where a century-old department store once stood. The assessed value of that parcel was $14,500. The Redevelopment Commission partnered with the owners, and agreed to help with public improvements if the parcel was redeveloped. The owners agreed, and the Commission created a Downtown TIF that included the hole, the current county jail, and various right-of-ways. The new assessed value of the parcel after the building is finished is $220,000. The TIF district captures the incremental difference in tax revenues to finance public improvements, such as downtown entrances and streetscape improvements. After the public improvements costs have been paid, the TIF district is discontinued and all taxing units enjoy the benefits of increased property tax values.
6 Redevelopment Commission: TIF Projects and the Results Franklin Streetscape: - additional downtown streetscape - job opportunities downtown - position for redevelopment of old county jail - new landscaping on Indiana - repaving of alleys
7 Franklin Streetscape Improvements
8 Franklin Streetscape Improvements
9 57 Franklin
10 Redevelopment Commission: Benefits Cost-benefits of tax increment financing (TIF) Keeps tax rate low Provides funding for public works projects without City selling general obligation bonds Creates new job opportunities Encourages private investment where public works projects are planned.
11 rate Tax Rates Tax Rates Wash. Twp. Rate year Center Twp. Rate
12 Rate per $100 AV City of Valparaiso Comparison of Net Property Tax Rates Center Twp. Washington Twp. 2 0
13 $9,000,000 AV Growth $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 AV Growth $3,000,000 $2,000,000 $1,000,000 $ Center AV Washington AV
14 Valparaiso Redevelopment Commission Incremental TIF AV Growth in (000 s) Southeast - Center South 49 Southeast - Wash. Franklin Street
15 City of Valparaiso Historical Comparison of Assessed Value in 000 s $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- Center Twp. Washington Twp. Note: In 2001 (3/1/01) assessed value was multiplied by 3 in preparation for reassessment. The 2002 (3/1/02) amounts reflects reassessed values for taxes payable in 2003.
16 Valparaiso Redevelopment Commission Comparison of City and TIF Incremental AV Center - TIFs 5% Wash. TIF 2% City AV 93%
17 MAPS OF TIF AREAS Southeast TIF (Center Twp) Southeast TIF (Washington Twp) Downtown TIF South 49 TIF (Pratt) Updated in 2003
18 Economic Development Areas
19 Completed Redevelopment Commission Projects Knode Creek 2 LaPorte Phase 1 Triangle Glendale Interceptor Silhavy Road Extension Sturdy Rd. Sanitary Sewers Franklin Streetscape Pratt 49 Drainage Study: Stimson Silhavy Intersection $678,984 $986,719 $35,406 $674,644 $143,000 $209,581 $108,890 $416,703 $129,340 $369,485
20 Redevelopment Commission: TIF Projects and the Results 1. Extension of sanitary sewers on Glendale: - Maple Creek subdivision - Autumn Trails subdivision
21 Silhavy Sanitary Sewer Extension: Autumn Trails Subdivision
22 Silhavy Sanitary Sewer Extension: Maple Creek Financng by Mercantile Bank
23 Redevelopment Commission: TIF Projects and the Results 2. Eastgate Charette: - plans for the triangle intersection - future plans for widening Lincolnway and adding curbs, sidewalks, streetscape - Washington Street viaduct design Resulted in much public discussion and new ideas for redevelopment of the East Lincolnway corridor.
24 Eastgate Charette: Triangle Intersection
25 Eastgate Charette: Existing Land Uses
26 Eastgate Charette: Connectivity to Valparaiso Marketplace
27 Eastgate Charette: Washington Street Viaduct
28 East Lincolnway Next Steps Streetscape on East End of corridor: South Sturdy between Triangle and US 30 Plans this Spring Cooperate with INDOT Hospital improvements on west end of corridor. Work with VU and property owners for vision of East Lincolnway. Defer Triangle until entire plan is adopted.
29 Redevelopment Commission: Partnerships The Redevelopment Commission set a policy of encouraging public-private partnerships for each project funded by tax increment financing (TIF). Examples of this partnership are the The extension of Silhavy Road.
30 Redevelopment Commission: TIF Projects and the Results 3. Silhavy extension to US 30: - New Hampton hotel - Aldi s grocery store - Valparaiso Marketplace (Target, Kohls, Home Depot, etc.) - Menards replacement Property owners along Silhavy Road between LaPorte Ave and Morthland Drive contributed $116,383 (89%) and the Redevelopment Commission contributed $14,384 (11%) to extend Silhavy Road to the Morthland Drive (US 30) frontage road.
31 Silhavy Road Extension
32 Silhavy Road Extension
33 Silhavy Road Extension: Hampton Suites
34 Valparaiso Marketplace Groundbreaking
35 Valparaiso Marketplace - Target
36 Valparaiso Marketplace - Kohl s
37 Redevelopment Commission: TIF Projects and the Results 4. LaPorte Ave. intersection and widening: - redevelopment along north side of LaPorte - new development along LaPorte - improved traffic flow at intersection - sidewalks along LaPorte -Phase III to be bid Spring of Triangle Intersection pending EastGate
38 Redevelopment Opportunity: Northeast Corner of Silhavy and LaPorte
39 LaPorte Phase 2 Corner of Silhavy and LaPorte 98 % Complete Signalization fine tuning
40 Redevelopment Commission: TIF Projects and the Results 5. South 49 TIF: - new job opportunities for the community - drainage study for city and county watershed - new crossover for Pratt - reconstruction of frontage road for new county jail and 49er Industrial Park
41 Pratt Industries Groundbreaking
42 Pratt Industries Under Construction
43 Pratt Industries in Operation
44 Pratt Industries in Operation
45 I D S P "REDEVELOPMENT COMMISSION PROJECTS"
46 Redevelopment Commission Projects: Implement 2004: (?) LaPorte Phase 2 (Silhavy- 98%) LaPorte Phase 3 North Calumet Avenue Stimson Design Grant Stimson Demonstration Grant Eastgate - South Leg North Central Calumet Avenue Design: Triangle Intersection Eastgate - South Leg North Calumet Avenue Eastport Center North Entrance Study: Valparaiso University Link Eastgate Vale Park Road Missing Link Camiros Redevelopment Strategies Other Pending: Vale Park Road East - Bypass to Calumet
47 North Calumet 2 traffic signals to improve safety. Public/Private cooperation on Calumet Streetscape between Vale Park & Wall. Vale Park extension studies Traffic Environmental Financial Position for partnership with eventual County Seat owners.
48 Vale Park Process Continue the DLZ road study Can a road be located? Simultaneously, determine the nature of the wetlands: Geohydrology and character? Can both road and wetlands co exist? Other land use options?
49 Vale Park Process Road Alignment Options & DLZ April costs Wetland Delineation and FQI TBD May Land Use Plans TBD May Public Hearing RDC June Land Purchase Decision RDC July
50 Thank you The Valparaiso Redevelopment Commission appreciates the partnerships it has with the City Council!
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