INDIANAPOLIS — A bill that would extend the life of two tax-increment financing districts in Southern Indiana passed the State Senate by a vote of 38-12 Tuesday.
The bill — sponsored by State Sen. Ron Grooms — will now move to the Indiana House for consideration. Its sponsors there are Reps. Ed Clere, R-New Albany, and Steve Stemler, D-Jeffersonville.
The TIF districts proposed for an extended existence are in Clarksville and New Albany, according to a news release from Grooms’ office.
The Clarksville TIF area includes the former Colgate plant site, which the town is seeking to develop. The New Albany area that would be extended is the Charlestown Road TIF district, which includes the Purdue Research Park of Southeast Indiana.
If approved by the House, the districts wouldn’t expire until 2038.
“Southeast Indiana has seen some impressive job creation and development in recent years, but there is still work to be done,” Grooms said in the release. “Extending the two TIF districts in New Albany and Clarksville will help ensure current economic projects in these areas get carried out and give the cities more time for detailed planning in the future.”