(BEDFORD) – The City of Bedford will be closing the Bedford Development Center located at 405 I Street.
The building housed the Oakland City College and Ivy Tech prior to moving to the Stonegate Arts and Education Center in Bedford’s Downtown District.
The building was to be used as a business incubator for the city and start-up companies and small businesses were given a place to start.
However, only ten tenants at one time were using the building with only four of those paying any rent to use the facility.
“The utility costs were around $26,000 to $27,000 a year, which did not include maintenance costs. With very little revenue going into the facility,” Mayor Sam Craig said.
The city wanted to be able to give those using the facility time to find another location before closing the building. COVID-19 slowed that process down but Mayor Craig believes most have now found another place to conduct business.
“I am going to look at what options we have for this building,” Mayor Craig stated. “At this point in time, I do not know of anything … due to the size of the building and its location.”
“Another option would be to put it up for sale and get it back on the tax rolls for an income,” Mayor Craig concluded.
The City of Bedford will continue to look for cost savings and next year’s budget. With the pandemic, the City of Bedford is projecting a tax revenue shortfall and the city will be adjusting to that accordingly.