Plan commission acknowledges Economic Development Commission's TIF certification for MCI/Merit project
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Summary
The plan commission acknowledged a statutory certification from the Boone County Economic Development Commission for tax increment financing tied to the previously approved MCI/Merit development; the report describes up to $4 million in real‑estate TIF bonds and about $1.7 million in personal‑property bonds.
The Boone County plan commission acknowledged a letter from the Economic Development Commission certifying a project report for the MCI/Merit development and that the project "complies with the plan of development of Boone County, Indiana." Speaker 4 said the Economic Development Commission held a public hearing and approved issuance of TIF bonds tied to the previously rezoned 47 Commons/MCI Development project.
Speaker 4 described two bond series: real‑estate TIF bonds "which shall not exceed $4,000,000" and a second series for personal property bonds described as approximately $1,700,000, noting real‑estate bonds are expected to be purchased by Hageman and the personal‑property bonds by Merit Construction.
Speaker 4 said the item will have its second reading of the bond ordinance before the council next Tuesday and reminded the plan commission that statute requires the Economic Development Commission to forward a certification letter to the plan commission. Speaker 2 moved to acknowledge the letter; the motion was seconded, moved and seconded, and passed by voice vote.
No county action to approve TIF financing occurred tonight; the commission's role was to acknowledge the statutory certification from the Economic Development Commission. The transcript does not record any vote tallies by name or further financial guarantees beyond the bond amounts described in the report.