Lake Station Community Schools Seeking TIF Funds
LAKE STATION - Lake Station Community Schools is seeking a portion of the municipality's tax increment financing district proceeds.
The "Times" reports the city created a TIF district in 2019 to capture funding for economic development endeavors. The TIF is expected to start generating money in 2021, but it isn't known how much will be generated.
State law allows school districts to petition for as much as 15 percent of TIF revenue.
Eric Kurtz, chief financial officer for Lake Station Community Schools, estimated as much as $1 million could move from other taxing units to the TIF district.
Kurtz said a significant portion of that would've come to the schools, and establishing an agreement to share TIF funds would minimize the impact on the school district.
Lake Station Schools Superintendent Tom Cripliver said if there are projects involving sidewalks, curbs, parking lots or other infrastructure around school properties, perhaps some TIF funds could be used for that.
The city's Redevelopment Commission hasn't yet acted on a proposed agreement with the school district so the panel and other city leaders can gather more information about the matter.
It hasn't yet been determined when the commission could vote on a potential agreement.