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Redevelopment commission adopts spending plan allocating funds for capital, professional services and workforce training
Summary
The Angola Redevelopment Commission voted Oct. 8 to adopt a spending plan for its redevelopment fund, listing target allocations (debt service, capital, professional services, police/fire capital, education and employee training) and designating remaining funds for projects described in the amended EDA.
The Angola Redevelopment Commission on Oct. 8 adopted a spending plan that lays out how the commission expects to use redevelopment revenues in the coming year, including targeted amounts for debt service, capital projects, consultant and professional costs, public-safety capital and workforce training.
Commissioners and staff reported a redevelopment fund balance of roughly $1.14 million and discussed how the DLGF-required spending plan need not lock the commission into a final expenditure schedule but must show anticipated use. Finance staff reported a current balance of about $1,138,533.
Key allocations read into the record (figures as discussed at the meeting): $100,000 for debt service; $200,000 for capital expenditures; $300,000 for professional expenses (consultants, legal, engineering); and $150,000 each for police and fire capital, education programs and employee training. Commissioners said the remainder would be reserved for other anticipated expenses and projects set forth in the amended economic development area plan. The commission also discussed allowable uses under state law, including a provision (Ind. Code A7 36-7-25-7) that can permit TIF revenues for certain educational or worker-training programs if a qualifying program is established.
What the vote does and does not do: The vote approved the spending-plan framework to be submitted to the Department of Local Government Finance by the Dec. 1 deadline. Commissioners emphasized the plan can be amended later if specific projects or grants require adjustments. Attorney Pittman and staff noted that some revenue can only be used for projects that benefit the TIF area and explained that the increment is calculated against the base assessed value and can rise or fall.
Commission action: Commissioner Bill moved to approve the spending plan as discussed; the motion was seconded and approved by voice vote.
Next steps: Staff will file the plan with the DLGF and may return to the commission to amend allocations as projects or grant opportunities arise. The commission also asked staff to list anticipated projects from the amended EDA on the spending-plan submission.
Who spoke (selected): Finance staff (unnamed), Bill (commissioner), Attorney Pittman, Jason Semler (Baker Tilly).
