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Baker Tilly presents 2024 TIF management report; Pendleton Pike, Monarch and Meyer Plastics remain active
Summary
Consultant Andy Mauser of Baker Tilly presented the city’s required 2024 TIF management report, outlining revenues, expenditures, outstanding debt and projected expirations for the Pendleton Pike, Monarch and Meyer Plastics allocation areas.
Andy Mauser of consulting firm Baker Tilly presented the 2024 Tax Increment Financing (TIF) management report to the Lawrence City Common Council on April 2, outlining 2024 activity, balances and outstanding debts for the city’s three allocation areas.
Mauser said the report compiles redevelopment commission activity for January through December 2024 and must be uploaded to the Department of Local Government Finance gateway. He said the redevelopment commission adopted a spending plan in December 2024 that controls TIF spending in 2025.
Key financial points Mauser presented: fund balances and expirations vary by area. Fund 406 (Pendleton Pike allocation fund) has approximately $1,300,000; Fund 410 (Monarch allocation fund) has just under $1,000,000; Fund 411 (Meyer Plastics) has about $146,000. Pendleton Pike is scheduled to collect TIF through 2038, Monarch through 2039, and Meyer Plastics through 2043. Mauser said the majority of redevelopment commission expenditures in 2024 were debt-service related: roughly $500,000 for principal repayment and about $750,000 for interest, plus professional fees and maintenance costs.
Mauser said the redevelopment commission does not currently issue grants or loans from TIF dollars and does not distribute TIF to other taxing districts. He also said there are no residential TIF areas to report.
Councilor questions focused on the Monarch allocation area after the company vacated a facility. A councilor asked whether Monarch’s move meant the area had already expired; Mauser replied that the Monarch allocation area remains active and will continue to capture TIF until its scheduled expiration in early 2039 unless the redevelopment commission elects to end it sooner, and that bond obligations tied to the project extend through about 2033.
Mauser said the 2011 bonds in the Pendleton Pike area will be fully repaid in January of the coming year and that the redevelopment commission’s two bond series include a 2011 and a 2022 bond in the Pendleton Pike area.
The council did not take formal action on the report; Mauser said his firm would work with the redevelopment commission and city staff to upload the report before the gateway deadline next week.
