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Martinsville RDC reviews bond recap, approves claims; South Street acquisitions and Hacker Drive costs highlighted
Summary
At a recent Martinsville City Redevelopment Commission meeting members approved claims, accepted a special-meeting action on a parking-lot bid and reviewed a bond recap that staff said shows no arbitrage liability; staff detailed South Street land acquisitions and an $800,000 overrun on Hacker Drive.
At a recent Martinsville City Redevelopment Commission meeting, members voted by voice to approve the claims and to accept the special meeting action approving the parking-lot bid on Morgan and Wayne.
The commission reviewed a bond recap and two arbitrage reports that, according to staff, show the city does not owe money back to the federal government. Gary, a staff member, said, “All I all I can report is we don't owe any money.”
The commission heard a detailed explanation of the South Street project. Gary said the city acquired 27 parcels and that the Indiana Department of Transportation (INDOT) would reimburse 80% while the city paid the remaining portion as presented to the commission. Gary said the city is effectively about $400,000 under on that project when reimbursements are processed and that roughly $800,000 remains to complete some acquisitions.
Commissioners were also told the Hacker Drive project ran significantly over budget; Gary said that job was “way over budget” and cited an overrun of about $800,000. He explained the work there required a deep lift station—roughly 20 feet—to provide water to properties that relied on shallow wells.
The commission approved the monthly claims after discussion and accepted the minutes and actions from the May 28 special meeting to approve the parking-lot bid. No ordinance or new funding allocation was adopted at the meeting; the bond-recap and arbitrage reports were presented for the commission's information.
The commission did not specify dates for future reimbursements or provide an updated overall project completion schedule during the meeting.
