Monroe County RDC reviews four TIF district reports, moves amended packet to county council

The Monroe County Redevelopment Commission on March 26, 2025 reviewed annual reports for four tax-increment financing (TIF) districts — Curry Profile, Fullerton Pike, State Road 46 and West side — and voted to submit amended reports to the county council for its April meeting.

The reviews focused on outstanding TIF bonds, current cash balances and timing for planned projects. Charlie, a presenter for Financial Solutions Group, summarized each district’s finances and recommended several technical corrections; commissioners asked staff to clarify parcel maps, timing of projects and how TIF revenue commitments intersect with county bond payments.

Charlie said of the Curry Profile district, “We authorized 6,175,000 of TIF bonds, to help finance the project there.” He told the commission the developer had drawn about $103,200 on that authorization, the county has roughly $52,000 remaining to pay on the bonds, and 2025 assessed value captured for the district rose to nearly $3,000,000, which would generate roughly $46,000 at the current tax rate. Commissioners discussed whether to pay the bond off or keep the district open to allow future draws or add Curry Pike work to the district; Charlie advised checking authorizing documents and coordinating with the developer.

On Fullerton Pike, Charlie noted the district’s cash balance is held in county fund 4922 and was about $566,000 at the end of 2024. He said the captured tax rate for that area has declined in recent years and that two school referendum rates in the Monroe County School District are included in the total tax bill but are not captured by the TIF, which reduces TIF revenue. Commissioners asked staff to review parcel maps after recent annexations and to confirm whether annexed parcels should be removed from the district’s map.

State Road 46 was described as similar to Curry Profile: the commission authorized a $4,500,000 bond but the developer has drawn roughly $61,500. Charlie reported a county cash balance for that district of about $1,784,000 as of February 2024. Commissioners pressed on project timing and permitting; Steve Bridal, the developer for the Hunter Valley area, told the commission he still expects to complete the roadway this year but is awaiting a land‑map/permit review (discussed in the meeting as a “land of map revision” permit) and that the review process with IDEM has taken nine to 10 months for comparable projects.

The West Side TIF drew the most detailed budget scrutiny. Charlie said the district holds two bond series that run to 2039, and that debt-service in 2025 will be substantial; combined county-level TIF cash balances fell to about $347,000 at the end of 2024 and to roughly $83,000 in 2025 after recent project expenditures, including a fire-truck lease. Charlie recommended and staff agreed to move the Curry Pike construction start from 2025 to 2026 in the West Side cash-flow projection to preserve a cash cushion. He also reminded the commission that the bond documents require TIF revenue to be applied first to debt service and that the county holds fully funded debt-service reserves for the bond series, held by Old National Bank as trustee.

Commissioners and staff discussed related projects and dependencies: the planned Monroe County justice complex (sometimes called the justice center) and potential commercial development near that site; the proposed jail/justice center has been included in county planning and a rough opening date discussed during the meeting is 2029, but staff asked that timelines be provided in writing. Lisa Rich, Monroe County highway department staff, described construction contracting practices and said the county typically receives competitive bids that keep actual construction costs close to estimates: “We usually get our benefit around here is we have 2, so we get good prices because they're competitive against each other,” she said.

After addressing map corrections and timing changes, the commission voted to submit the reports as amended to the county council. Commissioners also approved two claims presented at the meeting: an inspection claim from Terracon Consultants and an RBBCSC CSC STEM payment for fall 2024 that had been temporarily recorded to a general fund line and will be corrected into the West Side TIF fund after settlement.

Votes at a glance

• Submission of amended TIF district reports to county council (motion: “I will move that we, submit these, reports as amended to the county council at its April meeting.”) — Mover: Commissioner Martin; Second: Commissioner McCarty. Vote: Martin yes; McCarty yes; Cassidy yes. Outcome: approved, 3–0. Notes: staff to revise the reports (map/parcel corrections, timing changes, and a proposed one‑year shift of Curry Pike spending to 2026) and deliver the revised packet to the county council for its April meeting.

• Approval of claims — two claims (Terracon Consultants: $868.95; RBBCSC CSC STEM fall 2024: $124,719.56). Vote: Martin yes; McCarty yes; Cassidy yes. Outcome: approved, 3–0. Staff will correct the temporary general‑fund charge into West Side TIF fund 4920 when settlement arrives.

The commission directed staff to deliver the revised TIF reports to Jeff and the county auditor for inclusion in the county council packet, to confirm annexation impacts on parcel lists for Fullerton Pike and other districts, to follow up with the developer on post‑bond options for Curry Profile, and to circulate the justice‑complex schedule in writing. The commission’s packet will be submitted to the county council for review at its April meeting.

Ending

The commission’s staff and Financial Solutions Group will circulate a corrected report set this week so the county council auditor can include the packets in the April council packet. Commissioners said they will revisit TIF timing and project sequencing as revenues, permit outcomes and development activity change.