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Redevelopment representative reports 2025 TIF revenues and BRAP activity; model home, housing and downtown incentives discussed
Summary
A representative for the City Redevelopment Commission presented a TIF report showing 2025 revenues of $638,188, expenses of $517,161 and an ending fund balance of roughly $581,000; the presenter outlined debt service tied to a 2018 bond and described the BRAP downtown renovation assistance program and upcoming model home activity by Ryan Homes.
A representative speaking on behalf of the City of New Castle Redevelopment Commission summarized the commission’s 2025 activity and allocation‑area finances.
The presenter reported that revenues received in 2025 for the Southeast Downtown Economic Development Area totaled $638,188 and that expenses paid in 2025 were $517,161, leaving a fund balance of about $581,000 as of Dec. 31. He said the commission services debt issued in 2018 to fund construction of a 1400 Plaza project; the bond carries roughly a 3% interest rate and matures Feb. 1, 2033, with 2025 debt service of $180,975.
The representative described the Building Renovation Assistance Program (BRAP), a partnership between the city and New Castle Main Street that uses TIF dollars to fund downtown building improvements. He said BRAP paid out about $44,000 in 2025 and that the program has leveraged approximately $1 million cumulatively for downtown investment over several years.
On housing and development, the presenter said Ryan Homes will bring a model home for a Brookfield Farms subdivision in May or June, and listed other projects proposed north and south of town. The representative closed by offering to answer questions and noted the commission will file required reports with the state Department of Local Government Finance.
