Explaining a TIF district:
A tax increment financing district manages construction and renovation within a given area of a city.
The TIF district works to raise property values within its borders, which will subsequently raise property taxes.
The revenue is then used to enhance the district by building sidewalks, street lights and other beautification or enhancement projects.
• The Grove still has empty rooms as the Village Promenade continues construction.
• Newest apartment complex part of tax increment financing district.
• Village Promenade will lead to rising property values in area.
A new luxury apartment complex has begun leasing for August in Muncie, as another semester-old complex in a similar price range has yet to fill up.
The Grove, which opened in the fall, still has units available for August, and 17 Hundred apartments are full. Village Promenade will be ready Aug. 16.
Erik Sheets, regional property manager for Provence Properties, said when the 17 Hundred complex first opened in 2012, it wasn’t full.
Sheets said it took until the next academic year for the demand to fill every unit.
Village Promenade has not released the price of its apartments, but the 17 Hundred apartments cost between $600 and $650 per person, $1,200 and $1,300 per unit. The Grove costs $500 or $565 per person.
Demand for The Grove and Village Promenade may increase as Ball State continues to grow. University enrollment numbers have increased overall over the last five years.
Village Promenade will generate revenue for the city over the course of several years because of tax increment financing districts.
TIF districts invest money into properties within its borders to raise the value of not only the original structure but those around it as well. This leads to an increased property value and then subsequently more profit for the city.
The rise in property value may lead to a rise in property taxes for the surrounding area.
Todd Donati, director of the Muncie Redevelopment Commission, said money raised through taxes is funneled back into the community through projects, including building sidewalks, roads and street lights.
Standards for the Village, as set by the Village Review Committee, nearly derailed the Village Promenade project by raising material prices. The committee set the quality of style and materials necessary for the project to match other buildings in the area.
The city stepped in to build the parking garage. Otherwise, the cost for construction would have been too high for the developer to handle alone. As a result, the city will handle parking permits when the garage is finished.
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