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Ashley official outlines financing plan for RES Polyflow project; grant application to be refiled
Summary
Ashley Town Clerk-Treasurer Karen McEntarfer told the council the RES Polyflow project funding plan includes $1.0M from the town, a proposed $1.5M county loan and $300,000 additional local funds; a federal grant was denied and will be refiled, and utility bids will await grant decisions.
Karen McEntarfer, Ashley Town Clerk-Treasurer, updated the Steuben County Council on the RES Polyflow economic development project and the town's funding strategy.
McEntarfer said she applied for a federal grant but the application was denied; she plans to reapply and has contacted U.S. Rep. Jim Banks' office for assistance. The town currently has $1.0 million committed to the project, McEntarfer said, and she has identified an extra $300,000 to add to the town's local contribution. The town has asked the county for a $1.5 million loan; McEntarfer said she expects repayment to come over six to eight years because the new TIF (tax increment financing) district will not generate tax revenues for the first two years after establishment. She added that if grants are not awarded the town will scale back infrastructure work so the project can proceed within available local funds.
Council members asked operational questions: President Shipe asked whether earth had been moved (McEntarfer said no), and Dan Caruso asked about the loan term; McEntarfer said repayment is anticipated in six to eight years and that in the near term the town plans to make loan payments from existing TIF district revenues until the Ashley TIF begins to generate its own revenue. McEntarfer said she will wait to let utility bids until federal and state grant determinations are made.
