Redevelopment commission reports TIF balance and $3.2 million pledge for Martinsville school work
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Summary
The Morgan County Redevelopment Commission update reported an Eagle Valley allocation-area balance of about $7.1 million and a planned $3.2 million pledge toward a roundabout and related infrastructure for Martinsville’s new elementary school; next-year TIF estimates were lowered to about $1.8 million.
Jeff Pipkin, representing the county’s redevelopment commission, updated commissioners on redevelopment allocation areas and TIF revenue at the Feb. 17 meeting.
Pipkin said the county has seven allocation areas and that only the Eagle Valley area currently carries a bond obligation. "As of, it was estimated in, last year that we were, going to get about $2,000,000 in TIF revenues over the year. This next year, it's estimated to be about $1,800,000," Pipkin said.
Pipkin told the commission the RDC is preparing to pledge approximately $3,200,000 toward capital work tied to Martinsville’s new elementary school, including a roundabout and related infrastructure improvements. He noted the Eagle Valley allocation-area balance was about $7,100,000 as of January and said the RDC prefers infrastructure and economic-development projects that have clear starts and finishes.
Commissioners asked about planning for the expiration of TIF allocation periods and about how cash resources will be used as some allocation areas reach maturity. Pipkin recommended early planning for absorption of captured assessed value when allocation areas expire and said RDC members welcome proposed projects for review.
No formal vote was required; the presentation closed with commissioners thanking the RDC for its work and inviting potential projects to be submitted for consideration.