Redevelopment officials review Westside TIF cash flow, approve $756,416.55 in claims

Officials reviewing Westside TIF finances reported the district began the year with about $347,326.39, received a spring settlement of $1,088,702.36 and currently show a cash balance—after claims on today’s agenda—of $267,408.49. Staff said an additional fall settlement is estimated at $1,308,398, and expected payments this year include a roughly $163,000 STEM payment and two bond payments expected after the fall settlement.

The presentation, given by county staff, said this year was expected to be a low year for the Westside TIF and described steps taken in spring to adjust payments. Staff noted planned 2026 expenses for a remaining STEM payment and a scheduled fire-truck payment that together could total about $400,000, and said the long-term goal is to rebuild reserves for a future Curry Pike reconstruction project once funding returns.

Commissioners approved claims and bond payments discussed at the meeting. The approved claims list included: American Structurepoint ($258,017.00) for Fullerton Pike Phase 3; Butler, Fairman & Seaford ($8,553.93) for the Karst connector; Town of Ellettsville ($249,495.28) for the fire truck commitment; Old National Wealth Management trustee/bond payments for multiple Westside bonds (including $236,112.76 for 2015 Westside bonds and $237,777.41 for 2020 Westside bonds); other bond payments; and a $800 trustee fee, for a total of $756,416.55. The roll call recorded Commissioner Martin, Commissioner McCarty and Commissioner Jones voting yes; the motion passed 3–0.

Staff also told the commission they are exploring options for investing bond reserve funds to seek higher yields within federal and bond-document constraints. The treasurer/auditor and staff have met with outside advisers to consider strategies that would keep funds secure and liquid while potentially improving interest income; staff said any change would be brought back for approval.

The finance discussion included a question about whether any other expenses remained for the Westside fund this year; staff responded that, after conferring with Lisa, no additional Westside expenditures were anticipated. Staff also said the local road-and-street budget and specific project appropriations would back the Vernal pipe project if needed and that there were currently no change orders on the associated construction (intermediate completion date: Aug. 30).