Monies are going to the neighboring Midtown/Truman Road Corridor project, which is a combined tax increment financing plan as well as a Chapter 353 development project. "As far as I know, we are the first in the country to combine these two," says Jay Leipzig, housing advisory services manager for the Midtown/Truman Road Corridor Corp. "We are able to use TIF money to purchase property and use tax money to pay for the work."
The plan covers a 72-block area. More than 100 people have filed applications and more than $4.2 million has been spent on housing improvements. Tax abatements are 100% during the first 10 years and 50% for the next 15 years. Abatements are transferable from one owner to another.
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