(BEDFORD) – The Bedford Redevelopment Commission approved two loan payments for the start of the new year.
The first payment, in the sum of $128,217.50, was paid on January 15th for the Redevelopment Tax District Refunding Bonds on the 2015 Plaza Drive South project. There are six remaining payments on this loan. The loan will be paid off on approximately January 25, 2023.
The other loan payment of $130,000 is a Lease Rental Bond and will be paid on the 2017 Stonegate Arts and Education Building. Two payments of this amount are made each year.
The Mayor and Redevelopment Corporation will also be looking into how to reduce the high amount of interest on this loan. This loan will not be paid off until the year 2037.
The Bedford Redevelopment Commission elected officers for the year. This year’s president is Penny May and Vice-President is Judy Carlisle. Ryan Griffith was elected Secretary of the commission.
Thomas Pitman of Barnes & Thornburg LLP told new commission members how Tax Incremental Financing works.
Bedford has three areas within its TIF District, which includes the areas around SAIC, Walmart and General Motors.