2004 - Laserfiche WebLink

Home Browse Search

C saying the company filed a 322 ERA form with the county auditor and the State of Indiana for 2004 for abatement more than the investment. There was an amended form, they had changed their investment form and forgot to change the abatement form. Jason said he informed the Auditor's office this needs to be checked when the time comes the State has applied the abatement to the taxes. Lauren Matthes said the State is behind about two years so probably TOA should be contacted. The figures on the schedule should reflect the correct amount if the form has been filed correctly. The figures on the schedule have been made on the corrected assessed valuation. Chairman Kollmeyer said so if in June or July the commission decides to pass thru some of the money, what would go thru to the Town, School, Library, etc. Jason answered the assessed value would be passed thru. Chairman Kollmeyer reported to the commission Helen, Lauren, Jason, and himself had a meeting with Kurt Freeman and Mike Turner at the school to talk thru some of their concerns on T1F and how it affects the schools. Lauren had the commission turn to page 5 for a summary of the impact on schools and they are in agreement with this. The school general fund revenues are based on targeted per pupil goals. What is not raised from assessed value they get from State aide. The school officials agreed T1F did not affect the general fund. But, if you look at the bottom square it shows other school funds and these funds show some impact by T1F, but not a lot. The debt service fund, for an example, they don't lose any revenue but if the commission passed thru 35 million dollars of assessed value their tax rate would decrease by a little over a penny. On the transportation fund the rate could go down .0032 and bus replacement could go down .0015 so altogether you are talking about a two-cent reduction in tax rate potentially. Where the school is concerned is with their capital projects fund due to late payments of money from the state and reductions in the way their rate is figured, they are having to make transfers of money from their capital projects fund to the general filnd to keep operations going. In 2003 they had to transfer $251,000 and in 2004 they have to transfer $450,000. So the school says when the commission captures assessed value it impacts their capital projects fund. Lauren said if all the assessed value for the TIF the school would gain $78,000.00, which is not a lot of money. The school also had a misunderstanding that the commission would pass thru dollars not assessed value. Lauren told them the statute explains how the commission can evaluate each year whether they have surplus assessed value. She said the school then recognized that a pass thru is not going to help them that much. The school brought up the example that in Plainfield a situation occurred where the school superintendent was on the redevelopment commission and Plainfield was setting up a new area, the school happened to have land for a bus transportation facility in that area, so they basically in a nice way blackmailed the redevelopment commission into giving them dollars to help with their transportation facility. Basically, the way this worked, there was a bond issue the commission was doing and if there were a surplus in dollars it would go to help fund the transportation facility. The TIF area Plainfield was setting up they were capturing abatement roll-offs in the industrial area where all the distribution centers are located so the school claimed C the commission was counting on all that growth anyway which makes that situation different from this commission. There is a possibility there would be potential for the