BEDFORD – The Bedford Redevelopment Commission received over $2.2 Million dollars in revenue in 2020 according to Angie Steeno of Crowe who came to update the RDC on the city’s TIF districts.
As required by Indiana law IC 39-7-25-8 the law requires the public and taxing units to be notified of the budget, long-term plans, and impact on the other taxing units.
A city, town, or county legislative body may adopt an ordinance creating a redevelopment commission of the unit comprised of five members which three are appointed by the Mayor and two appointed by the city council.
The Mayor also appoints a non-voting advisory member representing the local school board. Efforts in the state legislature to make this appointment a voting member failed in the Indiana State legislature.
The RDC commission has jurisdiction over the redevelopment district of the unit, which is a special taxing district having the same boundaries as the unit.
Bedford RDC designated three economic development areas with the city of Bedford.
These three locations include the Walmart area, which was started in 2006 and will expire in 2036, Eastgate Economic Area which started in 2010 and will expire in 2040, and General Motors which started in 2013 and will expire in 2040.
Revenues generated by the three areas combined were just about $2.2 Million in 2020.
With most of the revenue being generated in the General Motors TIF area.
There are currently two bonds issued by the Bedford Redevelopment area which include a bond in the amount of $1.905 Million issued in 2015 for the Plaza Drive South project, and $3.5 Million dollar bond issued in 2017 for the StoneGate Arts and Education Center.
For 2022 the estimated TIF Revenues are $3,026,672 with estimated expenditures at $1.545,063.
Long term projects for the RDC include:
- Road Construction improvements to improve acess to the consolidated area
- Utility infrastructure
- Roundabout construction at Beech Street and John Williams Blvd.
- Public Safety/service equipment and buildings ( Bedford City Hall or Bedford Police Department)
- Restoration/relocation of Bedford City Hall ( Engineering Study underway)
- Potiential redemption of Redevelopment Authority Rental Revenue bonds ( Early payoff USDA loan Stonegate Arts and Education Center)
Impact on taxing units:
- $87 Million Incremental 2021 net assessed value was retained by the Bedford Redevelopment Commission
- $143 Million was the base assessed value in 2021 shared among the other taxing units including ( NLCS, Lawrence County, Libraries, etc.)
- Increased tax base at expiration dates of respective TIF allocated area
- Improved quality of place
- Stimulates new development that would not occur but for the TIF incentives
- Increase jobs contributing to an increase in local income tax
- Support education and arts at the StoneGate Arts and Education Center
Recent TIF money went to several projects which included road improvements, utility infrastructure, and investment in education at Stonegate.
