Continuing, Wathen, who also serves as chairperson of the committee overseeing the IEDA study, added: "The study will also take into consideration the significant changes in property tax revenue attributed to the shifting of local school taxes to the state, along with establishment of property tax caps and the implementation of 'circuit breakers,' which were not adequately accounted for in other studies looking at the use of tax increment financing in Indiana.
The overall goal and USI focus will be to produce a solid, myth-busting IEDA study that will serve as a valid benchmark and prove useful in the years to come," said Lewellen.
Khayum, a full professor of economics at USI and director of the IEDA study, further explained: "Stakeholders from a cross-section of economic sectors interact through tax increment financing and their decisions play an important role in transforming existing economic conditions into preferred ones for many geographic areas within Indiana.
To alleviate this confusion and help establish best practices, IEDA decided to commission and oversee a major new comprehensive study.
The University of Southern Indiana has been deliberately tasked by IEDA to produce a non-partisan and independent analysis," said Lewellen.
The study is funded through specific contributions to the IEDA Foundation made by over 3o funders including utility companies, various associations, economic development entities, cities, towns and counties.
The benchmark IEDA report is expected to aid present and future economic development professionals and government officials in best adapting, leveraging, using and improving this public financing and opportunity-creating tool.
John Deere has many options when considering where to locate its manufacturing workforce and we are pleased to work with the IEDA
and the City of Ankeny to ensure these jobs remain here in the Des Moines area," said John Teeple, the factory manager for the John Deere Des Moines Works.