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RDC weighs options to wrap up small Cook bond while evaluating Curry Pike reconstruction financing
Summary
Redevelopment staff told the Monroe County RDC that about $10,000 remains on a Cook-related TIF bond and suggested possible packaging of that district with financing for the Curry Pike reconstruction to preserve the TIF if a township merger proceeds. Staff will consult Cook and financial advisers before returning with options.
The Monroe County Redevelopment Commission heard July 15 that only a small balance remains on an older Cook-related bond tied to a Curry-area TIF district and that staff is exploring options to preserve the district while moving forward on Curry Pike reconstruction.
Jeff, a redevelopment staff member, said the district’s fate could hinge on a pending reorganization: "If Richland Township and Ellettsville are merged…we will not have an answer to that until November," and if the merger eliminates debt in that TIF district, "that TIF District would go away." He told commissioners the Cook bond still had "about $10,000" remaining and that the RDC previously accelerated payments to pay the debt down earlier.
Because the Cook bond balance is small, staff are not proposing an immediate payoff. Instead, Jeff said staff would contact Cook representatives and consult Lisa Ridge and the county’s financial adviser about whether to include the Curry-area TIF and a West Side project in a larger bond issuance that could fund the Curry Pike reconstruction while preserving debt in the district.
Why it matters: the presence or absence of debt in a TIF district affects whether the district survives a township reorganization. The commission heard that packaging multiple projects in a single financing could allow the RDC to maintain the district’s debt while delivering a public works project that serves the area.
Commissioners asked technical and policy questions but took no formal vote on financing; staff will return with recommendations after talking with Cook, Ridge and the financial adviser.
