Economic Development

The Montgomery County Redevelopment Commission’s core focus is to determine and pursue business development activities which can best promote the expansion of existing businesses and draw in new businesses for job creation. One of the most effective ways of achieving these goals is to create Economic Development Areas (EDAs). These areas are identified as having the potential to be great areas for existing businesses to grow and ideal locations for future businesses in our great county. The Nucor TIF District, along with four Development Focus Areas, were formed to target growth in accordance with the County’s Future Land Use Plan.

Economic Development Vision Plan

Development Focus Areas

The following map highlights the current Development Focus Areas in Montgomery County. Much of the RDC’s investments in infrastructure have been within the Nucor TIF District, incorporating Area 1, the SR32/I-74 Corridor, and Area 2, the Nucor Road Area.

Development Focus Area 1: SR 32 Corridor/I-74 Interchange

This area is a key gateway into the county, as well as into the city of Crawfordsville. It includes the properties that are in all four quadrants of the SR 32 interchange as well as the areas both north and south of SR 32 between the city of Crawfordsville and the interchange. The interchange is primarily agricultural land (except for the fuel station and a facility at the interchange). As you travel west along SR 32 toward the city of Crawfordsville, the area becomes more residential, but there are significant development opportunities which still exist.

Development Focus Area 2: Nucor Road Area

This area is primarily agricultural land with the exception of the industrial development around Nucor Steel. Utilities do exist in the southern part of this focus area with sufficient capacity to support continued economic activity. Sewer has been extended north along Nucor Road to provide sewer service to the entire corridor.

This focus area is a unique development opportunity as it has multiple parcels bordering miles of CSX rail service. It’s a great area for businesses that would require rail and interstate access. Additionally, some of the property in this focus area has already gone through Duke Energy’s Site Readiness Analysis.

Development Focus Area 3: SR 47/US 231

Much of this area is currently agricultural, but the areas to the north include a mix of significant commercial and residential development within the city of Crawfordsville. City utilities are available in the area and some are being and have been planned as part of ongoing infrastructure improvements in the area.

One project to note is the CR 200 S extension project. This project is now complete with the help and partnership between the city of Crawfordsville and Montgomery County. This project will aid in bringing new development potential to the west of the existing commercial/retail center.

Development Focus Area 4: I-74/ Lafayette Road Interchange

This interchange serves as the northern gateway into Crawfordsville. Like the US 231 area south of town, the majority of this area falls within the 2-mile planning jurisdiction of the city of Crawfordsville. The south side of the interchange is currently a mix of industrial, commercial and residential uses. It is currently home to most of the county’s hotels, significant commercial development and the Crawfordsville Commerce Park. While the south side of the interchange has already experienced significant development, there are still areas in both the southeast and southwest quadrants that can support additional development activity.

Given the presence of utility access and shovel ready sites on the south side of the interchange, there are immediate development opportunities in this area. The desired future land uses on the south side of the interchange are an expansion of the uses that are currently in place. The interchange also serves as the northern gateway into Crawfordsville, making it a great area for future development.

Taxes and Incentives

The RDC monitors and studies current economic conditions, planning infrastructure and other projects designed to create jobs, and otherwise address economic development issues. Additionally, the RDC is especially situated to finance such projects because of the statutory powers which allows for Tax Increment Financing (TIF).

Tax Incremental Financing (TIF) and the creation of a TIF District provides a means to facilitate and finance economic development related projects within a designated Economic Development allocation area.

Projects to Promote Growth

Installation of critical infrastructure
Assistance with land acquisition
Special incentives to employers

Property Valuation

As assessed property value of a parcel appreciates from development activities, the property tax associated with the same parcel will also increase proportionally. The amount of increase in tax revenue from development activity is collected as increment by the Redevelopment Commission. The base taxes are collected by the County, as they were before the increase.

Financing

The capital required to finance projects is obtained through the sale of bonds by the County against the increment revenue. Increment revenue provides the financial source from which the Redevelopment Commission can pay off principal and interest from bond sales. The Commission can also finance certain projects directly from increment revenue.

Projects solely funded by the private sector would not likely be able to occur, but for the involvement of the Redevelopment Commission and the establishment of a TIF District for the proposed Allocation Area.

Contact Information

For site inquiries or any questions about Montgomery County, please contact County Administrator Tom Klein at:

Email: Tom.Klein@montgomerycounty.in.gov

Phone: (765) 362-6514