Redevelopment commission acknowledges TIF management report and fiscal plan

The Burns Harbor Redevelopment Commission acknowledged receipt of the TIF management report and the fiscal plan for the fiscal year ending Dec. 31, 2025 and agreed to include both documents in the meeting minutes and forward them to the town council. Tina presented the TIF management report and Gina reviewed the fiscal plan on the record.

Tina said the managed TIF districts are the Burns Harbor TIF district and the Burns Harbor expansion district and read the financial totals presented in the report. The materials read into the record listed a fiscal-year total revenues figure and a separate set of instalment receipts; the report states that there were no grants or loans and no TIF distributions to other units during 2025. Gina read the annual report figures for the calendar year, saying the redevelopment allocation fund (fund 4445) began the year with a balance of $1,556,213.95 and ended the year with a balance of $1,839,256.85. She also read a redevelopment operations fund (fund 2545) year-end balance of $913,339.34 and stated the report identifies no outstanding debt service for 2025.

The documents read into the record included the following figures as presented by staff: total revenues (reported in one passage as $998,198.25 and elsewhere as installment totals summing to $933,288.71), disbursements of $496,836.57, and the year-end fund balances listed above. Staff also noted an attached parcel list for parcels located within the TIF district.

Commissioners had no substantive questions following the presentations and the chair told staff to enter the reports into the minutes and forward them to the town council so the record would show receipt. No separate formal roll call vote is recorded in the transcript for the acknowledgment of these reports.