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Redevelopment Commission outlines Honda Economic Development Area finances, bond and school payments
Summary
Redevelopment Commission member Don presented a handout showing the Honda Economic Development Area, bond payments for infrastructure, capital outlays to local schools and committed projects including road paving and ball diamond work; commission reported about $3.5 million in debt account balance.
A Redevelopment Commission member presented a financial update on the Honda Economic Development Area and related redevelopment accounts, detailing recent income, expenditures and upcoming commitments.
The presenter said the Honda Economic Development Area was established in February 2006 for a 30-year term, which runs through February 2036. He said the commission’s excess-tax income for February 2024 was about $4.6 million and that approximately $3.3 million had been spent on prior commitments and projects.
Major expenditures cited included roughly $768,000 for infrastructure work linked to the fire department building, approximately $164,000 described as a payment related to the highway garage, and capital outlays sent to Decatur County Community Schools. He said a state legislative change allows the commission to allocate up to 15% of excess revenue to school-related items and that the commission used the new flexibility to support school projects.
The presenter also reviewed bond activity, noting principal and interest payments on $22 million in bonds issued to pay for infrastructure serving the development. He said the debt account balance available at the time of the report was “about $3.5 million” and that the commission had already approved projects for the year including finishing ball diamonds and paving Michigan Road. He said the commission had committed to help fund an emergency-management storage building as well.
The commission member said the commission maintains several accounts: a construction bond account used to pay bond expenses; an excess revenue account for redevelopment project funds; a project account with remaining residual amounts from the original development plan; and an administrative account held locally for attorney and consulting expenses. He invited questions and noted a presentation on the redevelopment plan would be given at the next meeting.
