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Speedway Redevelopment Commission approves TIF pass-through finding, OKs $530.50 roundabout nozzle change
Summary
The Town of Speedway Redevelopment Commission on May 18 approved its annual TIF pass-through determination finding no pass-through due for pay 2027 and authorized a $530.50 change order to replace irrigation nozzles at the new roundabout; staff also announced a ribbon-cutting and centennial events.
The Town of Speedway Redevelopment Commission on May 18 approved Resolution 2026-10, concluding that none of the town’s tax-increment financing (TIF) districts are projected to exceed the statutory 200% threshold for pay 2027 and recommending no pass-through payments this year.
Economic Director Kyle Markley said the analysis was prepared by Cronin Associates and that, if a district’s increment ever rises above 200%, the town could consider a partial pass-through. "We are recommending, no pass through for this year," Markley said. The commission voted to approve the resolution and directed staff to submit the notice to the auditor and taxing units before the June 15 deadline.
The commission also approved routine claims and expenses and unanimously passed a separate motion to authorize Change Order 005 for work at the recently constructed roundabout. Markley described the issue: "They put on a specific nozzle that was supposed to be for the water pressure of the irrigation system for around 68 PSI. Unfortunately... the actual pressure is... right around 40 PSI," and said a nozzle change cost $530.50. Members asked whether pressure at the site might change and whether similar fixes could prove costlier on other projects; a committee member cautioned that the commission had been "lucky" this time that the remedy was inexpensive.
Votes at a glance - Approval of April regular-session minutes: approved by consent. - Approval of claims and expenses: motion passed 5-0. - Resolution 2026-10 (TIF pass-through determination): approved 5-0; staff to file notice by June 15. - Change Order 005 (roundabout irrigation nozzle): approved 5-0; change order amount $530.50.
In other business, Markley said the roundabout is nearly complete with panels and lighting installed and minor punch-list items remaining; a ribbon-cutting is scheduled for 9 a.m. the following day near Gate 1 of IMS. He also urged residents to participate in the 16th Street Corridor study via a forthcoming QR code and website and reported positive feedback on the Carl G. Fisher Memorial Partnership event. The commission discussed centennial activities, including a June 12–13 scavenger hunt using the GooseChase app and a June 13 time-capsule opening; staff invited letters from residents, businesses and visitors and provided an email (cmeter@speedwayin.gov) and drop-off options at Town Hall and the library.
The meeting was called to order at 6:00 p.m., concluded routine business, and was adjourned at 6:13 p.m. The commission will next meet at its regularly scheduled monthly meeting.
