(BEDFORD) – The Bedford Redevelopment Commission met on Monday afternoon and approved three payments. Those payments include:
- Payment of $127,077.50 for the Plaza Drive South Street improvements to BNY Mellon
- Payment of $127,500 for the Stonegate Arts and Education Center to Old National Wealth Management
- Payment of $446.60 to Barnes & Thornburg for legal services
In other business, Angie Steeno gave the commission members an update on the Tax Incremental Fund districts within the City of Bedford over the last year.
There are three Economic Develop Areas within the City of Bedford that capture TIF revenues. These include the area located around Walmart, Eastgate, and General Motors.
Over the last five years, TIF revenue continues to increase with revenues generating about $2.4 million.
There are currently two outstanding bonds.
One of the bonds includes a remaining balance of $745,000 to be paid off by January 15, 2023. This bond is connected to the Plaza Drive South project. The total bond was for $1.9 million. There is no early payoff allowed with this bond.
The second bond has a remaining balance of $3.5 million with an outstanding balance of $3.26 million. This bond will not be paid off until February of 2037. This bond has a high-interest rate to which Mayor Sam Craig would like to find ways of getting paid down as soon as possible. This bond can be paid off early. This bond was used for the construction of the Stonegate Arts & Education Building.
The commission is looking at some long-term projects to which TIF revenues can be used.
- Road construction improvements to help pave roads in the TIF area
- Utility infrastructure such as water lines, sewers, and stormwater improvements
- Public safety/service equipment and buildings
- Restoration of the Elks Building
- Restoration of City Hall
- Streetscapes and entry improvements
- Roundabout construction at Beech Street and John Williams Blvd.
- Potential early redemption of 2017 Revenue USDA Loan for the StoneGate Arts & Education Center
Commission members were also given information on how the TIF revenues affected other taxing units such as the Bedford Public Library; Bedford’s Public Safety, Parks, and other services; the Lawrence County Solid Waste District; Shawswick Township; Lawrence County Government; and North Lawrence Community Schools.
North Lawrence Community School President Trent Todd is an ex-facto member of the Bedford Redevelopment Commission but has not attended a meeting since his appointment.