(BEDFORD) – The Bedford Redevelopment Commission and members of the public were updated on the Tax Incremental Finance District for the City of Bedford. Mark Adam and Angie Steeno from Crowe LLP provided details and performance of the TIF district.
Under new state statute, the taxing districts affected by the districts must be provided information on Redevelopment Commission’s Budget, Long-Term Plans, and Impact on Overlapping Taxing Units.
A city, town, or county legislative body can adopt an ordinance creating a redevelopment commission which is comprised of five members. Three members of Bedford’s Redevelopment Commission are appointed by Mayor Shawna Girgis and two are appointed by the Bedford City Council.
The mayor also appoints a non-voting advisory member representing the local school board.
Back in 2013, there were a total of three TIF districts that now have combined into one TIF district with three areas of Economic and Redevelopment areas. These three areas include the area around the Walmart Supercenter and businesses located along John Williams Boulevard, East Gate Economic Development Area which includes the area around Tri-Star Engineering and SAIC, and the third in the area around General Motors.
To date, the Walmart area of the TIF district has been the largest revenue generator for the city. The total net assessed value for all three districts since 2015 have been around $70 Million, from a base net assessed value of about $145 Million.
Currently, they are outstanding bonds that were issued for various projects the city undergone. The revenue was used to finance the extension of Plaza Drive North from 16th Street to John Williams Blvd. and 5th Street and the extension/expansion of water and sewer infrastructure to the west side of Indiana State Road 37, including Bex Addition. The total amount of the bond was $1.905 Million dollars. So far, the outstanding amount of the bonds is $985,000 to be paid off in January of 2023. The re-issuance of the bonds resulted in a savings of $125,000.
The second Redevelopment Taxable Lease Rental Revenue Bonds was issued in 2017 for a total amount of $3.55 Million for the Stonegate Arts and Education Center Project. So far, the bonds have $3.4 Million remaining which final payment will be in February of 2037.
The Redevelopment Commission voted in a resolution that has identified Long-Term Plan of the TIF District revenues for future projects the City of Bedford would like to undertake. With these projects not listed in any particular order.
Infrastructure and Project Recommendations:
- Acquisition of the Bedford Industrial Loop and CSX Rail Line to Mitchell
- Railroad improvements and rehabilitation
- Road Construction to improve access to the Consolidated Area
- Trail and trailhead construction
- Utility infrastructure
- Public safety/service equipment and buildings
- Downtown District Improvements
- Streetscape and Entry Improvements
- Restoration of Elks Building located at 1102 16th Street
- Roundabout construction at Beech Street and John Williams Boulevard
One of the projects that the Tax Incremental Financing Revenue was used for was the Stellar Project that was a joint effort between the Indiana Housing and Community Development Authority, Indiana Office of Community and Rural Affairs, and Indiana Department of Transportation. The goal of the project was to promote Economic Development, Ensuring a Trained and Ready Workforce, and Enhance the Quality of Life.
Angie Steeno noted that the city has been very transparent to the public about the use of the funds conducting several meetings that kept the residents informed on the projects that the TIF funds have been used.