Princeton, IN (June 1, 2015) - The Gibson County Redevelopment Commission has approved 4-1 to expand the Patoka / Union Townships Economic Development Area (EDA). The EDA is associated with the Toyota Motor Manufacturing, Indiana tax increment financing (TIF) district located between Princeton and Ft. Branch, Indiana. The expansion will encompass approximately 118,000 acres of property. When connected with the EDA that was created to service the I-69 area in eastern Gibson County in 2013, roughly 163,000 acres of the land in Gibson County will be designated in an economic development area.
B. Todd Mosby, President and CEO of the Gibson County Economic Development Corporation stated, "Expanding the EDA is not the same as expanding the allocation area; otherwise known as a tax increment financing (TIF) district. This new EDA designation is a legal designation needed prior to expanding the current or creating new allocation areas; we will have to follow the same procedures when creating new allocations areas. However, Monday nights vote to approve the expansion will allow our elected officials to manage new growth with another tool in their tool chest. GCEDC applauds our Commissioners for bringing this opportunity forward several months ago and working with the taxing units involved to fashion a glove - like coverage for the benefit of our entire county. We also applaud our Redevelopment Commission members for performing their due diligence and providing a vote of confidence for a brighter future.
To finalize the process, the Gibson County Commissioners will have to approve the expansion at a public meeting in the near future.
The Gibson County Economic Development Corporation is a 501 c(3) not-for-profit corporation located at 127 N. Hart Street in Princeton. The Gibson County Economic Development Corporation was formed in 2005 with a mission to coordinate, assist, and advise Gibson County in economic development activities. Visit GCEDC on the web at www.gibsoncountyedc.org and on Facebook.