Bedford Redevelopment Authority Annual Meeting Held Last Thursday

(BEDFORD) – The Bedford Redevelopment Authority met on Thursday for the election of officers and financial report.

The election of officers include:

  • President – Brad Bough
  • Vice President – Larry Hardman
  • Secretary – Angel Hawkins

The Bedford Redevelopment Authority leases Stonegate Art & Education Center to the Bedford Redevelopment Commission.

The Bedford Redevelopment Commission has a total balance of $10,127,824. Their funding is supported by Bedford’s Tax Incremental funds. The Commission had a total of $670,825.18 in expenses for 2020.

Those expenses include:

  • Crowe Horwarth LLP. for consulting services – $12,207.18
  • USDA Loan (Final payment for Stonegate 2037) – $255,000
  • USDA Debt Reserve Fee – (Final payment 2027) – $35,500
  • Plaza Drive Payments to Bank of New York – $254,000
  • Debt Service for Wastewater Treatment Project – $111,868
  • Old National Bank (annual fee) – $1,500
  • Bank of New York (annual fee) – $750
  • Total Disbursement for 2020 – $670,825.18

Payments due in 2021 to USDA for the Stonegate Arts & Education Center include two payments of $127,500 and a Debt Reserve Fee of $35,500 with a total expenditure for 2021 at $290.500.

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