TIF in Indy under review

INDIANAPOLIS (WISH) - Tax Increment financing, or TIF as it is called will be hotly debated Monday night by the City-County Council.

TIF is public money used to help develop future projects in local neighborhoods.

Martin Luther King Jr. Street is a big recipient of TIF dollars. The street received a massive transformation that included a new street scape, business, and signage.

"We had Martin Luther III here, and he said it was the best looking street named after his father,” said Pastor Richard Willoughby.

Travel just a few blocks west, however, and it is easy to see where more TIF dollars are desperately needed. There are abandoned homes and overgrown lots.

"Its crime city," said Porter Lewis.

Currently there are several proposals on the table to improve TIF transparency and accountability.

One proposal demands that 40 percent of jobs created using TIF dollars are filled by residents in TIF communities.

Those who don't follow the directives will be ordered to give the money back.

Currently there are no guidelines in place for job creation requirements for people who receive TIF dollars.

Brian Mahern has a separate proposal on how to best track TIF dollars, but he adds something needs to be created.

"There are aspects of TIF that are good and that need to be improved," said Mahern.