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Muncie Redevelopment Commission approves partnership with Muncie Sanitary District for $1 million housing capital stack
Summary
The commission approved a resolution to finalize an interlocal agreement with the Muncie Sanitary District to provide up to $1 million in sanitary-fee-backed investment to help finance new housing projects; one commissioner abstained.
The Muncie Redevelopment Commission on June 26 approved a resolution authorizing staff to finalize an interlocal agreement with the Muncie Sanitary District (MSD) that will make sanitary-fee–backed capital available to developers building new housing.
Under the agreement described at the meeting, MSD would advance an amount based on projected sanitary fees (staff cited $30 per unit in the discussion) to mitigate private developer risk and recover the investment through sanitary fees collected from…
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