Redevelopment commission approves resolution creating four new TIF allocation areas

The Bedford City Redevelopment Commission on July 21 approved a confirmatory resolution to create four new TIF allocation areas — Wawa, Stone City, Limestone Edge and Cardinal Crossing — the final step after plan commission and city council approvals.

Andy Mauser of Baker Tilly, the city’s financial advisor, told the commission the four new allocation areas will each have a base date of Jan. 1, 2026, and 25-year lives. "Three of the four allocation areas — Wawa, Stone City and Limestone Edge — will be removed from your existing TIF area and reset into their own 25-year TIF allocation areas," Mauser said. He added Cardinal Crossing sits just south of the existing boundary and will expand the consolidated economic development area.

Mauser presented estimated assessed-value increases and expected annual TIF revenue for each project, saying Wawa could add about $1,200,000 in assessed value (about $37,000 in TIF per year), Stone City about $310,000 (about $9,000/year), Limestone Edge about $1,800,000 (about $53,000/year) and Cardinal Crossing about $2,900,000 (about $87,000/year). He said resetting three projects into separate allocation areas would return an estimated $220,000 of assessed value to the overlapping tax base.

Mauser also delivered the commission’s annual TIF presentation required by state statute, reviewing the mechanics of capture, current collections and future projections. He reported combined collections across the three TIF allocation areas and the General Motors personal-property designation of about $5.2 million in 2026, with a projected mid-2030s peak near $6.6 million–$6.7 million and estimated total TIF available for projects and infrastructure over the next decade or more of roughly $82 million.

On overlapping-tax implications, Mauser showed an illustrative scenario that holding tax levies constant would reduce the total tax rate by about $0.42 if TIF expired immediately, and the city could expect roughly $80,000 in additional direct property-tax revenue in that hypothetical.

The commission opened a public hearing on the confirmatory resolution, invited comments (two-minute limit), received none and closed the hearing. Following discussion, the commission approved Resolution 4-2026 by voice vote.

A commission member noted planned uses for TIF dollars, including a proposed parking structure and a new fire station, and cautioned that large infrastructure projects and sewer compliance deadlines (noted for a separate Spider Creek project) will draw on TIF balances and require careful planning.

Next steps: the newly created allocation areas will begin with the stated base dates and the commission and staff will proceed with administration and any project-specific financing as proposals advance.