Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Redevelopment Commission adopts Baker Tilly’s annual TIF management report covering 2024 activity
Summary
Baker Tilly presented the April 15 TIF management report required by state reporting; the commission adopted the report and staff will upload it to the Indiana Department of Local Government Finance’s Gateway site for submission.
The Lawrence City Redevelopment Commission voted to adopt its annual Tax Increment Financing (TIF) management report prepared by Baker Tilly, covering the commission’s 2024 activity. The report must be submitted by April 15 each year to the Indiana Department of Local Government Finance (DLGF).
Andy Mauser of Baker Tilly told commissioners the report is backward-looking and summarizes 2024 revenues, expenditures, fund balances and debt activity for the commission’s three allocation areas: Pendleton Pike, Monarch, and Meyer Plastics. Mauser said the commission will work with the controller’s office to upload the completed report to the DLGF Gateway website prior to the deadline.
Mauser summarized 2024 finances presented in the report: Pendleton Pike received about $692,000 in TIF revenue, Monarch about $672,000, and Meyer Plastics about $212,000. Expenditures reported for 2024 were roughly $404,000 for Pendleton Pike, $791,000 for Monarch and $181,000 for Meyer Plastics. Mauser said the majority of overall TIF spending in 2024 was debt service — principal and interest totaling roughly $1.25 million — with smaller amounts spent on professional services, engineering, legal fees, repair and maintenance, and bond trustee fees.
Mauser also outlined fund balances and debt status. He reported Pendleton Pike’s allocation fund balance at just over $1.3 million and remaining 2022 bond proceeds of just under $1.8 million; debt service reserve balances were noted at about $185,000 (2011 bonds) and $250,000 (2022 bonds). The report lists the establishment and scheduled expiration dates for each allocation area: Pendleton Pike and Monarch were established in 2007–2008 with 30-year lives (expiring in 2038–2039), and Meyer Plastics was established in 2018 with a 25-year life (expiring in 2043). Mauser said the Monarch allocation area saw a drawdown in 2024 because it no longer covers certain debt service obligations.
A motion to adopt the TIF management report was made and seconded; the commission approved the report and Chair Blakely said it will be presented to the Lawrence City Common Council.
