I was absolutely floored when I read the Seymour Redevelopment Commission is planning to give a developer $3 million with a bond that will supposedly be paid back through abated property taxes over many years.
In addition, it is planning to give the developer a lucrative tax-increment financing district on land he recently purchased with the intent to build housing additions.
As I understand, a TIF district is allowed to keep tax revenue for use inside that district instead of what would normally go to the city of Seymour, Jackson County and important functions such as police and fire protection. We also can’t forget property tax dollars that would normally go to the school system.
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