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Speedway commission approves MOU and sets TIF transfers to cover school bond shortfalls
Summary
The Speedway Redevelopment Commission approved an MOU to manage consolidated-area TIF surpluses tied to school expansion bonds and authorized a transfer plan that staff said uses $581,325 to cover police and fire payroll shortfalls and places $348,650 in a reserve fund.
The Town of Speedway Redevelopment Commission on Dec. 22 approved a memorandum of understanding to guide transfers of excess consolidated-area tax increment financing (TIF) revenue created by a school expansion bond, and approved a related resolution spelling out specific transfer amounts.
The MOU creates a process for the clerk-treasurer to report shortfalls and for excess TIF revenue to be transferred into a separate consolidated-area TIF police and fire fund, to be used for shortfall payments in years 11–20 after the consolidated-area…
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