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Morgan County RDC approves financial report and $355,187 in July claims
Summary
The Redevelopment Commission accepted its June financial report and approved $355,187.00 in July claims, including $350,000 to GM Development and professional fees to consultants and counsel.
The Morgan County Redevelopment Commission accepted its June financial report and approved $355,187.00 in July claims, the commission announced during its regular meeting.
The financial report showed several allocation-area balances: the West Point TIF fund had $25,566.48; the Henderson Ford allocation area had a cash balance of $424.67; the Waverly allocation area had $3,004.58; and the Eagle Valley allocation area reported a cash balance of $5,493,070.20 with interest income of $18,839.93 and total revenue for the period of $811,007.53. The report listed total expenses of $70,395.63 and a cash balance across funds of $6,734,428.18. Staff also reported State Revolving Fund (SRF) loan construction and bond accounts and reserves, and debt-service reserve balances.
On claims for July, staff listed consulting fees of $22,730, Barnes & Thornburg legal fees of $2,332, $350,000 payable to GM Development Companies for prior approved work (a lift station referenced as the Hugging Hollow lift station) and a $125 payment to the Redevelopment Association of Indiana (RAI) for annual dues through Accelerate Indiana Municipalities. "That is what that's for," staff said when identifying the $350,000 claim as previously approved for the lift station. The commission moved and seconded acceptance of the financial report and claims and approved them by voice vote.
Ending: Commissioners closed the financial business without further change; staff invited members to review full packet details or ask questions before the next meeting.
