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Redevelopment commission approves $10,000 payment to Reedy; reviews updated TIF budgets and abatements
Summary
The Kosciusko County Redevelopment Commission reviewed updated budgets for five county TIF districts, discussed TIF neutralization work by Reedy (3d Financial) and approved a $10,000 payment to Reedy split evenly across the five TIFs. Commissioners also noted recent tax abatements affecting TIF areas.
Alyssa, county staff responsible for TIF budgets, presented updated budgets for the five county TIF areas and noted the figures were updated after a settlement disbursement. "If you look in your book, all of your items in your book are newly updated since the settlement disbursement," Alyssa said, and cited a 30 West TIF balance in the meeting materials.
Alyssa explained the county has engaged Reedy (referred to in the meeting as 3d Financial or Reedy) to perform TIF neutralizations and to serve as a financial adviser. She said the total engagement is $52,000 and that Reedy advised about $10,000 of that could be charged to the five TIFs; Alyssa split that $10,000 evenly as $2,000 per TIF during the discussion.
A motion to pay $10,000 to Reedy from TIF balances (split $2,000 from each of the five TIFs) was made, seconded and approved by voice vote. The chair announced "the motion is carried." No roll-call vote tally with member names was recorded in the transcript.
Alyssa also briefed commissioners that the county council approved tax abatements for Dreyfus (estimated local tax impact about $40,000) and for Phoenix and Slate (in the 30 West TIF). Commissioners discussed that legal services are now paid through the county commissioners' budget rather than from the TIF budgets.
Commission members asked staff to provide more detailed cost breakdowns and building sizes for any future petitions and to ensure documentation is prepared for auditor review. Commissioners agreed to review the budgets in more detail after the meeting.
The commission also approved the meeting minutes for the May meeting by voice vote at the beginning of the session and later moved and seconded to adjourn; both procedural motions passed on voice votes.
Votes at a glance
- Motion: Approve $10,000 payment to Reedy (split $2,000 from each of five TIFs). Outcome: approved (voice vote). Mover: unidentified in transcript. Seconder: unidentified in transcript. - Motion: Approve May meeting minutes. Outcome: approved (voice vote). Mover: unidentified in transcript. Seconder: unidentified in transcript. - Motion: Adjourn meeting. Outcome: approved (voice vote). Mover: unidentified in transcript. Seconder: Kevin (identified by first name in transcript).
