§ 6.4. Economic Development Trends and Outlook

Refer to Section 6.4 of the Clark County Inventory and Trends Report for county trends regarding economic development. Relative to the City of Greenwood, the city would welcome most economic development opportunities that do not sacrifice community character or add a disproportionate level of city services per taxes gained.

Greenwood Industrial Park and TIF District #1

The Greenwood Industrial Park is located centrally on the east side of the city. Weather Shield Mfg. currently is the primary tenant in the park. There are no available acres in the park for sale at this time. However, Weather Shield does own large portions of the park which are currently not being utilized.

The Greenwood Industrial Park is included within the city's TIF District #1 which was created in 1991. The TIF district has a life of 27 years or until the year 2018. No extensions are allowed to increase the life of the district. The expenditure period (the period of time the city can make improvements) can go until 2013. As of January 1, 2004, the value increment (increased value over the base value established in 1991) is $1,560,000.00 or 4.17% of the total equalized value of the city ($37,409,000.00 total equalized value of the city). According to the city, the increment generated within the industrial park is sufficient to pay associated debt incurred by the city.

Greenwood Clark Electric Cooperative (CECO) Industrial Park

The Greenwood CECO Industrial Park is located centrally on the west side of the city. The park is approximately 40 acres in size and has 36 acres available.

This industrial park was created in coordination with the city's TIF District #2 which was created in 1998. The district has a life of 23 years or until the year 2021. No extensions are allowed to increase the life of the district. The expenditure period (the period of time the city can make improvements) can go until 2016. As of January 1, 2004, the value increment (increased value over the base value established in 1998) is $392,900.00 or 1.05% of the total equalized value of the city ($37,409,000.00 total equalized value of the city).

Future TIF District Options and Considerations

Under the new TIF law, the city cannot have more than 12% of the equalized value of the city in value increment. The city currently has 5.22% in increment and could therefore create or amend districts. If the city should decide to terminate either TIF district prior to the maximum life, the city would be responsible for any unpaid costs within the districts. The city may add additional projects to the districts until 2013 or 2016 respectively; however this would require an amendment to the districts. The City of Greenwood should evaluate the status of its TIF districts annually and assess if any changes are necessary.