The citizens of Carmel now have a new tool to explore how the city’s use of Tax Increment Financing, or TIF, has been used to redevelop properties in the city and how it has changed the landscape of the city in more ways than one.
City officials worked with a team from Community Data Platforms who analyzed data to determine the impact of implementing an urban development strategy using TIF.
After several months of compiling data on properties within redevelopment areas and blending that data with public and commercial data on businesses and jobs, the TIF explorer evaluated the research and showed the benefits to Carmel of leveraging TIF. Users can explore areas or individual redevelopment projects to find out financial information in a quick and easy way.
The study shows that the TIF funding mechanism, as it has been used by the Carmel Redevelopment Commission (CRC), has immensely contributed to the quality of life in the city as well as to future tax revenue. Here are some of the key findings:
- The total increase in assessed values of all CRC TIF projects was $1.97 billion as of 2021.
- Midtown, Midtown West and Monon & Main alone have experienced a growth of 2,850 percent from inception.
- Since 2015, the assessed value per acre of commercial TIF parcels has been valued at 50 percent more than commercial non-TIF parcels when compared side-by-side.
- Multi-family commercial TIF parcels are increasing in value at a higher rate than comparable non-TIF parcels in the same area of the city.
- Tax revenue from TIF projects has continued to rise at an average of $1 million per acre per year since 2015.
- The number of business establishments in the city continues to increase over time, with 524 more businesses than in 2015.
To see the tool in action, visit tif.carmeldataplatform.com. Please note that a link on that page to FAQs and a User Guide can be found in the lower right-hand corner of the webpage.
Community Data Platforms is a DAAS (data-as-a-service) company, helping leaders in large organizations better understand and better serve their markets across the U.S. through the power of data science.