In a busy night the Town of Lapel held three meetings consecutively to discuss and vote on both a Lapel Economic Development Area and the creation of a TIF District.
Meeting 1 - Redevelopment Commission
The Redevelopment Commission which is currently comprised of the Town Council but will later be made up by members of the Public, voted to accept resolution 1-2018 creating a designated development area.
The Commission also voted to accept resolution 2-2018 which establishes a legal TIF area and details the parcels that are within the TIF area.
Redevelopment Commission Members present - Deb Wainscott, Lindsay Washmuth, Tom Marvel, Dave Taylor.
Deb Wainscott was approved as President of this board, Lindsay Washmuth as vice president and Tony Pearson (absent from meeting) as Secretary.
The first meeting of the Commission in 2019 will be January 17th at 6:30pm at the Eagles.
The Commission also approved using Wabash Scientific, Inc to develop a plan, strategies and act as advisors regarding the development area at a cost expected to be less than $10,000.
Reedy Financial Group was also approved to act as financial advisor to the Redevelopment Commission after receiving high praise from Jeff Graham (Town Attorney) who stated he had dealt with them in the past with other towns and they were "absolutely fabulous" and would treat Lapel as if it were their only client.
Mike Shaver from Wabash Scientific, Inc presented the Town with a draft Economic Development Plan and discussed possible uses for TIF funds such as matching money for OCRA and Community Crossing grants.
The initial TIF resolution details the 40-acre agricultural parcel that was turned into a Shelby Materials concrete plant earlier this year.
Using TIF allows the Town to capture for itself additional tax money, for example if a piece of land is valued at $50,000 and is within the TIF area and is redeveloped with a $1,000,000 development the Town of Lapel alone will receive the additional tax revenue from that $1,000,000 development for 25 years while all other taxing entities will still receive their original tax draw at the $50,000 amount prior to development. At a 3% tax rate a $1,000,000 development would give the Town an additional $30,000 per year in tax revenue.
Meeting 2 - Planning Commission
Planning members Gary Shuck, Tony Hewitt and Lindsay Washmuth then voted on resolution 1-2018 and 2-2018 which approved the Development Area and TIF district declaration.
Meeting 3 - Town Council
The Town Council then voted on resolution 5-2018 and 6-2018 to approve the Development Area and TIF district declaration.
A draft copy of the Economic Development Plan will be made available on the Town website in the coming days.