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Council approves $2 million Redwire TIF construction appropriation and debt service
Summary
Floyd County Council unanimously approved a $2,000,000 appropriation from the Redwire TIF Non-Reverting Fund for construction and a separate $515,729.12 appropriation for TIF debt service; council also created new line items for construction and debt service.
The Floyd County Council approved major allocations from the Redwire TIF Sept. 10, creating new line items and approving a $2,000,000 appropriation for construction work from the Redwire Non-Reverting Fund.
Director of Operations Don Lopp requested the new construction line (4509-000-4000-01) and the $2,000,000 appropriation; the motion was moved and seconded and passed unanimously. Council also approved creation of a debt service line (4400-000-3000-01) and an additional appropriation of $515,729.12 for Redwire TIF debt service.
Council additionally approved a $40,000 appropriation from Local Road & Street for repair equipment in the same series of motions. Officials did not provide a detailed project breakdown in the public discussion; the appropriation was presented as a budgetary funding action to advance planned TIF construction and cover debt service obligations.
No vote was recorded against the appropriations. The council instructed staff to follow up on implementing the line items and noted the need to finalize any third-party contracts or procurements in subsequent meetings.
