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Redevelopment commission reviews TIF balances, spring settlement and bond timeline; project updates given
Summary
Commission heard fund reports showing a ceded balance of $24,344.70 and a TIF balance of $1,370,695.80; staff reported a spring TIF settlement net distribution of $964,814.06, an August 13 bond closing target for lease rental bonds, and updates on Greenwood sewer, campground sewer environmental review and the facade program.
At the July 7 Sellersburg Redevelopment Commission meeting staff presented updated fund reports and project timelines, saying the commission’s ceded balance through the end of June was $24,344.70 and the current TIF fund balance was $1,370,695.80.
Finance staff noted some pending charges that will require adjustments — including invoices that had been applied entirely to the ceded account instead of split with the TIF — and said staff will reconcile those with the county treasurer. On the commission’s spring TIF settlement, staff reported the total net distributed was $964,814.06; there were deductions on the settlement statement that staff said they were investigating but that the amount was in line with expectations.
On financing, staff said the timeline for issuing lease rental bonds slipped from July and is now expected to close Aug. 13. Staff said bond proceeds would reimburse previously incurred engineering and construction invoices related to the AbbVie Tech project and would provide funding to pursue procurement for the Camp Run (Campground) sewer project.
Project updates included: - Greenwood sewer: substantially complete with a few punch-list items; contractor expected to return the next day to finish remaining items. - Campground sewer: environmental assessment under way with environmental consultant SJCA; schedule estimated at about five months for the assessment before final plans are submitted to INDOT. - Camp Run/Campground sewer procurement and property acquisition work remains in progress; staff said construction activity would most likely begin around the start of next year, with spring as the period of heaviest work.
On the facade program, staff reported a lull in applications and described planned revisions to intake, eligibility, marketing and administrative review to better align the program with the town’s comprehensive plan. Staff said applicants will be required to present in person as part of a clearer review timeline; the commission was told staff will present the revised program at a future meeting.
No formal approvals were required on the bond timeline or project updates at the July 7 meeting; staff characterized the bond work as administrative steps and said the commission’s prior approvals pledged TIF support for the projects.
