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Finance committee reviews Michigan City Redevelopment Commission model 2025 spending plan
Summary
Committee members reviewed a detailed draft spending plan for the Michigan City Redevelopment Commission for calendar year 2025, including debt payments and projected uses of bond proceeds and program funds.
At its March 4, 2025 meeting the Michigan City Finance Committee reviewed the Michigan City Redevelopment Commission’s model annual spending plan for calendar year 2025, which lists debt-service, capital expenditures and other permitted uses under state law.
The draft spending plan enumerated total debt payments of $4,829,779, including amounts for a 2015 special tax district refunding bond, lease-rental and refunding bonds tied to projects such as the 2018 Ohio Street project, the 2019 double-track project, and the 2021 Elston Grove reconstruction. The plan also showed a taxable economic development lease-rental revenue bond (series 2023) payment of $1,109,500 and an anticipated residential infrastructure fund loan closing in December 2024 with an estimated maximum July 2025 payment of $200,000.
Other line items presented included $400,000 in payments to eligible entities for educational and training grants referenced to Indiana Code 36-7-25-7; $1,500,000 in contemplated capital expenditures; $500,000 in other legally permitted grants or loans to neighborhood development corporations; $350,000 for professional expenses (legal, accounting, project supervision); and $750,000 for capital and operating expenses related to police or fire services, including salaries, benefits and equipment. The reading also referenced anticipated bond-proceeds expenditures totaling $10,600,000 (including remaining station block proceeds and projected receipts from a RIF loan expected to close in December 2024).
The presiding officer emphasized that the information is public, has been shared in prior workshops and that executive-session materials remain confidential. Committee members stressed transparency in financial matters and asked the controller to provide a brief first-quarter status update at the committee’s next meeting on March 18. No formal action to adopt the spending plan was recorded at the March 4 meeting.
The plan as read cited several Indiana Code provisions that authorize certain payments and grants; committee members referenced those statutory citations during the presentation.
