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Redevelopment commission receives Baker Tilly TIF update; Wapakoneta payoff options and Riverview West pass-through discussed
Summary
Baker Tilly consultant Jason Simler briefed the Perry County Redevelopment Commission on two remaining TIF allocation areas, the Wapakoneta bond schedule and cash-on-hand that could allow early payoff, and options to dissolve or pass through the small Riverview West TIF. Commissioners asked staff to locate legal plans and requested statutory citations on new police-and-fire TIF uses.
Jason Simler of Baker Tilly presented the Perry County Redevelopment Commission’s annual tax-increment financing (TIF) update, reviewing remaining allocation areas, bond obligations and options for next steps.
Simler told the commission the Wapakoneta allocation area (Perry County allocation area number three) carries bonds refinanced in 2021 that remain payable from the tax increment captured there and are guaranteed by a minimum semiannual payment from Wapakoneta of $685,175 (about $1,370,350 annually). He said recent declines in local tax rates and some reductions in assessed value have produced shortfall deficiency payments from Wapakoneta in recent years.
The consultant reviewed timing and mechanics: the TIF was created in 1995 and has a 30-year life that, because of the assessment/pay cycle, means the commission will receive settlements in June and December 2026 and the final bond payment is due in January 2027.…
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