HANCOCK COUNTY — Officials finished approving the creation of two new tax increment financing districts this week.
One of the districts is nearly 4,000 acres in eastern Buck Creek Township and slightly into western Center Township. Another is about 4,620 acres along Ind. 9 in Center and Green townships north of Greenfield.
The districts would capture property tax revenue from new commercial or industrial development, which the Hancock County Redevelopment Commission would use to improve the districts.
Officials created the districts in response to a new law going into effect on July 1 that allows the state to create and control its own kind of tax increment financing districts, leaving county leaders concerned over ceding tax revenue and control to the state. The state cannot create its districts in an area the county already has one established in, however. County leaders selected locations they feel the state may be drawn to.
The Hancock County Redevelopment Commission gave its final approval on Monday and the Hancock County Board of Commissioners gave its final approval on Tuesday.