(WESTGATE) - The Greene County Redevelopment Commission, meeting in special session Monday, pledged up to $360,000 in tax increment revenues to help pay for Economic Revenue Bonds that are being used to finance an underground electrical line for property in the WestGate at Crane Technology Park.
Nick Schneider of the Greene County Daily World reports, the Utilities District of Western Indiana REMC requested assistance with the project financing.
The underground line will serve the Battery Innovation Center (BIC) and parts of the tech park. The line will run from the Hoosier Energy Substation to U.S. 231 -- a distance covering about 40 acres, according to Redevelopment Commission President Hal Harp.
The Redevelopment Commission passed a resolution that pledges the TIF revenue generated in the area to the payment of the bonds.
In a second resolution, the Commission declared their intent to reimburse UDWI for it its expenses for the project up to the $360,000 threshold as an inducement for UDWI to undertake the project.
The installation of the electrical line is believed to be an attractive incentive for current and future economic development in the TIF area of the tech park.
Brian Sparks, CEO for UDWI, sits on the county redevelopment commission and abstained from voting on both ordinances, but he did comment to his fellow commission members, saying "You guys got a bargain...it cost us (UDWI) a lot more than that."
Sparks said the actual cost of the project that runs within the right of way of County Road 800S, also known as County Line Road, to near U.S. 231 exceeds $800,000.
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