What is a TIF?
Tax increment financing has been used throughout the country for decades to combat areas stricken with blight, decay and divestment. It is a method of financing that uses direct property tax revenues to fund infrastructure and redevelopment improvements. The City can later use the increased tax revenues to finance further projects within that district. Currently, the GRC has TIF districts in target areas to attract businesses and encourage growth in Gary. You can read about some of the larger district projects below:
- Lakefront: There is a TIF district of 110 acres in the Northwestern-most corner of Gary between the lakeshore and the Gary/Chicago Airport. This TIF currently funds the construction of Buffington Harbor Road, Airport Road reconstruction, and other industrial projects near the airport.
- East Lakefront: This district includes the neighborhoods of Aetna, Glen Ryan and Miller. Established in 2016, the East Lakefront TIF is created to support infrastructure, Miller Station development, and public safety enhancements.
- Consolidated District: The Consolidated District is comprised of Downtown Gary , Horace Mann, Emerson, and Midtown. It is 912 acres and funds numerous projects including the reconstruction of Broadway, lighting improvements, demolition, and other capital improvements in the area. Additionally, this TIF contributes to the Railcats Stadium, ArtHouse, the Public Art Commission, the Gary Greenlink Trail and other redevelopment initiatives.
- Kirk Yard: The Kirk Yard TIF District is 534 acres. This TIF supports the Canadian National Railway Co. and the development of the old railroad yard south of U.S. Steel. Kirk Yard is used to ship materials such as oil, coal, timber, etc.
- Midwest Center: Midwest Center district, established in the early 2000s, fosters industrial development off I-65 on the City's east side. To date this has included infrastructure and road improvements, stormwater management, and facilitated the construction of HMD Trucking's new multi-million dollar headquarters.
- Other Districts: In total, the GRC has 11 TIF districts that are integral to the redevelopment of key areas in the city. They can serve a variety of functions. For example, some smaller districts finance apartment complexes, town homes, grocery stores, commercial activity, and other infrastructure improvements.