“Year after year, I find this commission to swing well above its weight class in what it gets done and what it can accomplish in a short amount of time.”
Nick Lawrence, president of economic development consulting firm The Wheatley Group, praised Brookville Redevelopment Commission at the tail end of his annual presentation Monday required by Indiana statute. His report took up the bulk of 2022's final meeting.

“You've found a way to leverage your local dollars into additional dollars and it's been really impressive to watch,” he added.

Lawrence listed the overlapping taxing units within the Brookville commercial TIF (Tax Increment Financing) district – Franklin County, Brookville Township, Brookville Civil Town, FC Community School Corporation, FC Public Libraries and the Southeastern Indiana Solid Waste Management District.

The district, originally established in 2013 and since expanded, contains 367 tax payers; Owens Corning is a personal property payer while the remainder are real property payers. Due to having no present debt obligations, there is no expiration date for the TIF yet (also known as pay as you go TIFs). The amendment to expand included a retraction of 12 original parcels that were found to be partially outside town limits. An additional 23 parcels were then added, though Lawrence said there were no additional personal property payers.

Taxing units are to be kept abreast of all financial activity within the TIF. Incremental assessed value is captured, multiplied by the local tax rate. This in turn will ideally benefit all entities and encourage further growth in the area.

That value went up from $7,457,400 in 2021 to $11,434,985 this year. Thus, pure TIF revenue went up as well – from $190,939.07 to $281,480.89.

Lawrence added this gives the opportunity to take on more projects and a comfort level toward bond issuance. Tax abatements were mentioned in this discussion; Valley House Flats has a 10-year, 100% abatement and Cobblestone Inn & Suites a 10-year at 50% annually.

The TIF balance to start 2021 was $130,308.84 and was $182,146 at the start of '22. As of Dec. 14, the balance is $365,921.22, which president Todd Thackery confirmed was its healthiest total yet. Tax receipts from the county this fall amounted to $119,396.33. A big expense was $96,000 for the Sidewalks to School Limited Partnership Agreement (LPA) with INDOT, but there were also reimbursements coming back from that project. Without the state's help, the project cost would have been closer to $800,000, said Thackery.

Another fund is the Lawrenceburg riverboat grant which began 2021 with $89,739.19. Initial costs for engineering and design work on the sidewalk project were pulled from this fund, so it dipped to $66,360.42 at the start of 2022. Current balance is $76,231.21.

Project highlights in the presentation included the sidewalks, the transfer of Blight Elimination Program lots on Sixth Street to G2 Apparel, support of Main Street façade improvements and PreservINg Indiana Main Streets. Construction within the TIF area included Cobblestone, Farmers Mutual on First Street and the town's aquatic center.

Looking forward, Lawrence noted that eyes will be on potential single-family housing infrastructure in town and a potential residential TIF district. Also, continued support of Main Street and evaluating items from the strategic investment plan. BRC may play a role in the Hoosier Enduring Legacy Program (HELP), a collaborative grant through Indiana's Office of Community and Rural Affairs.

Gage Pace, town's economic revitalization connector, asked Lawrence about the impact of roughly $1.8 million (through the PreservINg grant) invested in Main Street building improvements. Construction phase is approaching for those locations selected. The consultant said it's important to note that due to the age of the buildings, it's not reasonable to expect an equal return on assessed value. Depreciation comes into play. He added that the construction process itself, though, improves economic activity as workers earn wages and spend locally.

In other news, member Darrel Flaspohler has resigned. There is an issue with repairing part of the sidewalk near Riverfront Apartments; further determination will be made in the spring. Payment of $10,000 for Lawrence's services was approved; the county pays the other $30,000.