Jasper eyeing TIF district to fund apartment complex, economic development

Jasper eyeing TIF district to fund apartment complex, economic development

JASPER, Ind. (WFIE) - The Jasper Common Council approved a resolution to allow the formation of a tax-increment financing district on the city’s southeast side.

Mayor Dean Vonderheide said that area, particularly near Vincennes University’s Jasper campus, needs some improvement.

“I keep getting comments from people ‘Oh what are you going to do on the southeast side?’” he said. “Because there hasn’t been any recent development.”

After months of planning, he said housing is the first issue they want to address.

“We have a residential shortage, as most communities do, but housing is one of our top priorities,” he explained.

Vonderheide said they’re looking to create an apartment complex.

If completed, it will fit 80 apartments and will partially cater to Vincennes students and out of town job-seekers, while also being open to the public.

He explained that he and other local leaders decided it’s the best way to spur growth on the southeast side.

“Where you have, specifically, apartments, you will have a concentration of other businesses come,” he said.

The TIF district would help fund the project.

Tax-increment financing diverts future property taxes toward development projects.

The proposed apartments would be the first of what the mayor said he hopes are many improvements in the area.

“That’s the intent is to help fund the infrastructure to get these buildings there,” he said.

The Common Council approved the resolution on the matter with a 5-1 vote, but the TIF district is yet to be approved.

Further discussion is planned at their next public hearing on May 4.

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