Reagan Dead Ends

reagan-indiana.jpg Happier days at first

Indiana officials constructing the Ronald Reagan Parkway have run into trouble. Or out of money.

The Indianapolis Star reports the highway [one of um, several] has been in development almost two decades, but local governments haven’t yet figured out how to pay for it. But in the spirit of Star Wars [sorry, SDI], they have gone ahead anyway.

One unpopular option being considered would be tax increment financing [TIF], a classic Reagan era dodge. TIFs claim a territory and capture all growth in property tax revenue that come out of it. The theory is that the object at the center of the TIF has sparked all local magic and should rake off the proceeds. But this beggars other local taxing bodies, like the school district who objects to the proposed Reagan one.

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