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Sellersburg council approves lease-rental bond resolution to fund major sewer upgrades backed by TIF revenue
Summary
The Sellersburg Town Council voted to approve a resolution authorizing lease-rental revenue bonds — to be repaid with TIF revenue — to finance roughly 10,000 feet of sewer construction and related improvements, a project officials said will cost about $10.5 million.
The Sellersburg Town Council on Aug. 12 approved a resolution authorizing lease-rental revenue bonds to finance a local sewage-works project, with repayment to be secured primarily by tax-increment financing (TIF) revenues. The council approved the resolution by voice vote after discussion of the project scope and financing.
The project described in the resolution includes: about 4,900 linear feet of 24-inch gravity interceptor sewer behind Ivy Tech Community College discharging near the Penn Street pump station; roughly 5,000 feet of force main and another roughly 5,000 feet of additional sewer work near Camp Run Parkway; and a new sewage pump station and related improvements. Town staff said…
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