- The main item on our agenda today is going to be the annual reports, which are we have to turn over
- then to the county commissioners and then they have to approve moved on to the state by loading them
- onto the gateway for the process we've used in the past.
- All right. Let me make one kind of overview comment about these reports. As you are aware, these TIF
- districts have origins at different points in time, varying levels of activities. One of the things
- I noticed as I was going through them is that the reports themselves have
- different kind of forms, particularly in the beginning, in terms of what gets divulged and what doesn't
- get divulged. And as a general comment, it would be nice if we had the same kind of information for
- each of these reports. I think the one for the large one for the west side
- probably has the most information since they're the longest and have been accumulating it. And I noticed
- that there is a allocation area definition for that TIF. There are various funds that are applicable
- for that particular TIF. There's history of some of the major issues occurred which are of current information.
- There's notice about insufficient funds. And then there is the summary of findings. I don't for these
- other reports notice that kind of delineation of the allocation area and talking about it. And I did
- not find for any that we knew from when the TIP began and when the TIP is going to end.
- And those, that kind of information I think would be helpful in these reports, particularly in terms
- of making them look the same for us. That's possible to do. I certainly think some of that can, beginning
- date, ending date, those kind of things are kind of known items and we can certainly. The Westside TIF
- is always going to be different. That's the one we have.
- Bonds out there that require us to do. Disclosures and things through the through the federal process
- the other the the bonds and the others I think are much more. Helper back bonds and things were. Have
- that market presentation of debt that people are buying the others are kind of bought. There's just
- a little different nuance to that and that's probably is why some of the
- Right. It would be nice, though, for the public if they kind of were able to look at these and say,
- oh, okay, that one's like this, this one's like this, this one started then, this one started there.
- I'm not even sure it tells us in both cases where the developer has purchased the bonds. That nuance
- is not quite clear to someone who's looking at these.
- order do you want to proceed? Well, the preference that I would have would be start with the Curry and
- then probably go to the Thornton Pike and then the west side. We're going to do Curry, Fullerton, Bloomington
- Township, end up with the west side.
- We still don't have anybody online to do the presentation, do we? All right. Well, I will continue,
- and then when he comes on, he can correct everything I say. Okay. Sounds good. All right. So we'll start
- with the Curry Profile TIF District. This was created, I believe, in 2018 when
- A developer bought the former GE site, and it was two parcels. And at that point in time, they had huge
- plans, great plans. We were really excited to see what they were going to do. And so they bought it.
- We could put a TIF district in. We issued up to $6 million in bonds. We only went through the closing
- cost because shortly,
- Developer did a lot of work on the property and it kind of this property ended up right now. It's part
- of the Simtra family and the Simtra is going into this to do quite a few manufacturing lines and the
- work that the previous developer, which was Cook Group, what they put in the building made that transaction
- ultimately possible and it attracted this business into this facility that had
- really major issues and needed a lot of work. And so in some respects, it still was a great thing that
- that all occurred because that property would not be where it's at today if it hadn't occurred.
- But in 2020, COVID issues, the development stalled and that the developer decided that they weren't
- going to be able to continue to use the property in a business decision.
- They didn't draw any of the money. They had a pretty sophisticated abatement schedule that they did
- not utilize because they realized that they weren't going to invest in it. So that was how this TIF
- district was generated. We have accelerated the payments as much as we could to get the bond paid off
- so we can get it off our books, get it off the developer's books. We have $10,600 left in that.
- Purchaser center purchased the property and they're doing a lot of work. They also got a lot of abatements,
- right? They got an abatement package that was probably the most generous that the county has given,
- but it also had a lot more requirements from the business than we've ever required of anybody else for
- an abatement. So I think at the end of the day, we gave more, but we got more. And so I think that was
- a good thing.
- So as far as long-term plans for the allocation area, I think at this point it's to get the hook bomb
- paid off. I think this is also an area where as we do phase two or phase three of the career reconstruction,
- I think this is able to support that to the extent they have revenues, but right now the revenues are
- not going to come in very quickly because of the Abatement Act.
- So I think that's kind of the long-term plan and as far as Going off the impact on each of the taxing
- units. This is a two-parcel TIF. I think the impact of the taxing units are going to be Nominal at best
- I think without this stiff district and without the The incentives that were created when this was created
- property would not be where it's at today. So any
- Impact I think long term the impact of this district is going to be very good. At the taxing units,
- it's just a matter of getting that property up and up and going. OK, Charlie is on sweet Charlie and
- I just finished curry profile TIF district. We want to note that Randy Cassidy has shown up. That sounds
- good. This is Charlie. Can you guys hear me?
- Yes, we can. I don't know. Is a straight line statement for the entire tenure graduated? Kind of neither,
- right? What it is is I think it's very high for at least the first three years. And then there is a
- commitment of the business that if they put in another line,
- within the first three or four years, I don't remember, then aims at a high rate, and that new, that
- second one will start at the high rate, and then that repeats a couple times, so that at the end of
- the day, the first 10 years of the initial abatement has the potential to be very high, not 100%,
- but like 90, 80, somewhere in that range, and then each additional ones have the ability to stay higher
- until the last one, which would just, I think, standard abatement, because there's nothing there,
- there's not a further action that would push it higher. Right. So it's here to approach. Well, it's
- an incentive approach, right? If they meet their incentives, the abatement stays high. The abatement
- starts to decrease. Right. So there will be some income from it because they're not at 100%. Well, first
- year I think they are. Right. I think all abatements start first year 100%. There will be it won't be
- 10 years of 100%. So there is in this then a service schedule put in here for the 10,600, which is not
- going to happen because we're not going to pay them $133 a year, once a year, twice a year. We do have
- some funds available. Now have 21,
- Our plan for the current year is to pay that $10,660 and let it start accumulating again to be used
- for things like the curry pike which is adjacent to the property. We can use it. But we're not going
- to have much money coming in to do the curry pike.
- few years, what's our plan for that money after the Curry Pike is done? Do we have a plan? I am I'm
- not aware of what that plan would be. Right. We when we set this district up it was to support the the
- exterior of that facility and that is that is not kind of in the cards for that right now. I think that's
- a great thing to have Lisa Ridge look at.
- And could SIMTRA potentially buy a bond from us which would cover whatever they're paying in taxes to
- get their taxes? Property? I mean, that's a potential.
- I guess at this point, I mean, you just expressed we're getting $10,000 to $20,000 in revenue a year.
- I'm not sure it's worth the cost of issuance, right, at this point. So at that point, though, does revenue
- that we should be giving back? I think it could. I also think Cook still owns that it's a two lot. I
- think Cook still owns a second. I really want to have conversations with both Simtra and Cook to see
- what kind of needs they see in that area. I'd also really like to talk to Lisa Ridge to see what kind
- of support she thinks, particularly the Curry Profile intersection. Did Simter buy both lots or just
- the one? Just the one. Okay, so the one that's in the back that Cook did some work on. So that's going
- to generate some income. I think Cook kept the parking lot. That's the second lot.
- I think the second lot is kind of the one closer to the Cook's campus that is essentially parking. From
- the stop light north, right? If Cook held onto the parking lot, is that what you're talking about? The
- parking lot on the west side which was the old General Electric that it enters off of. There's a building
- in there. What is the road Mike Curry lived on?
- Right there. Now it's profile off of Daniels Road. Next one to the east. There's that road and then
- the parcel itself is where the retention pond. Right. The excesses. Did they take down that other building
- that was there? There was no building on that particular.
- There's two buildings on what I'm calling the center parcel. There's still two buildings. Actually,
- three. Two manufacturing and then there's like a utility building. Then there's a central plant. Right.
- Okay. That central plant then is on the parcel that was purchased. The other one is vacant or has a
- parking lot. I think it's utilized for parking. But it does generate a little bit of income.
- So that would then accumulate, figure out what we're gonna do after, because we'll have to make that
- decision next year, if we pay that bond off, have to make that decision about what to do next. Right
- now there's what, approximately $40,000? No, 10. 10 total. I think the plan is to get that paid off
- this year. Yeah, we'll pay that off this year,
- do that, we look at the revenue and see what the bonding case is. We ask SEMTRA and Cooke what their
- infrastructure needs are in order to support their. If there would be a potential possibility of bonding.
- So little money. We will have a couple of years of Curry Pike work. Whatever is there for the next two
- or three years at least.
- And I think Lisa would be who I'd first ask about. Because I remember when she was there, then also
- after Cook purchases, there were railroad track issues, dealing with electricity, just kind of strange
- things. We got the sidewalk along Curry. We got the three-plot along Curry. There's plenty of places
- to put the money. And it's not that much money. It's just a map.
- we're going to allocate that or we're going to use it for something that's going to be a private increase
- the employment on. Jeff, so help me out here. In the event of a reorganization of Ellisville and Richland
- Township. Well, it's in Richland Township. That is right. That is true. I haven't seen their final document.
- I think either they're voting on or they're reviewing it tonight. A lot of it depends on if it's going
- to be part of the town. There are a lot of rules that says if an area within a county TIF district is
- annexed, what happens? Right. There is not a whole lot of rules on I don't think that the merger is
- an annexation of this area.
- If it's not annexed, I think the rules we have would still apply. But without seeing exactly what they're
- doing, and I should say I've had a brief conversation with Mr. Farmer. I don't think they have any intention
- of annexing this area or anything like that. I think their intent is to let the TIFDIS continue to do
- what they do.
- I think they're looking to do different things, right? So I don't want to, I'm not throwing shade anywhere.
- Yeah, yeah, I know you're not. And I think based on my conversations with Mike Farmer is being
- a reorganization, not an annexation. Right. That makes sense. Yeah. And if it's not in a municipal limit,
- then I think the rules don't change. If it were to be annexed and we didn't have debt, then those properties,
- that property would become
- part of the city or town. Or the reorganization area for the original township. Reorganization areas,
- there's not a lot out there on that, right? And there's not a lot of rules and statute on what happens.
- Probably Adams Township in Hamilton County which they looked at, right? Sheridan Adams has been the
- model. I don't think they have this kind of situation. But it helps add clarity if we know this obviously
- for sure that looking beyond with the future will center there.
- We have an obligation at the present moment, that obligation is minimal amount. So consequently, either
- way we go, within a year we would have financial clarity in regards to which way it would go once we
- pay off that. The only question is, is talking to Lisa and the other individual about what public needs.
- I'm on here. Oh, wonderful. Hello, Ms. Lisa. I can use some homework for next year.
- Sorry, I've had my hand raised for a few minutes, so I apologize. But, you know, in that area, when
- SEMTRA took over, we did have an agreement with Cook for some improvements. And we also, instead of
- doing the original Vernal Pike trail connection, we've come up with a different option that would go
- along Profile Parkway, which is already built, and then go
- of Curry Pike and build that trail on the south side of Profile Parkway to connect to the Karst Farm
- Trail. So that's still out there. Also the railroad tracks that have been eliminated by the railroad.
- It would be great to have those removed. We also have Profile Parkway west of Curry Pike on our radar
- that it is going to need a reconstruction eventually just like Curry Pike.
- from a from a money standpoint, Lisa, you're needing the redevelopment to help fund those. Yeah, yeah,
- that would be that would be ideal. If that would be that we are still I don't know how the talks are
- going. I know planning has been talking with center to see if they would commit to some of those things
- that cook had originally committed to. And part of that was that trail on the north side of their property
- goes along profile Parkway that would eliminate
- that Vernal Pike Trail project that was going to be like 1.8 million in the West Side Tiff. And then
- you would have everything connecting from Bloomington to the Karst Trail. I would be remiss to not remind
- people that when the state did send an old act a year ago, they made changes to personal property that
- do not affect people in a tiff.
- There is no floor if you're outside of TIF district, but if you're inside of TIF district that was put
- in place prior to when they enacted it, then there is a floor for your personal property. So I'm curious
- how, when we talk to the businesses, I think year one, year two, year three, it's not going to really
- matter, but year 10, year 15, year 20, there might be some, hey, actually having this in a TIF district
- is hurting us.
- So I don't think that's a next four or five year issue, but I think it will be interesting to see how
- that all plays out. When Lisa is looking at it, we're looking at the infrastructure cost. It's a matter
- of how our bonding costs will be, what our revenues are, and at this present moment we have a territorial
- item that needs to be addressed so it will be set in November. And I'm not even sure.
- what they're doing over their effects is territorial. I think it might be totally neutral. My expectation
- is it would probably be pretty neutral to the TIF district. And what we're actually doing. Yeah. Okay.
- Then it's just a matter of where the bonding capabilities are based upon our system cash flow is. I
- think what we'll probably end up is because these areas anywhere that serves these areas will also serve
- the Westside TIF district. So what I think you'll end up seeing is more
- cost allocation between those two districts. Either bond or pay as you go, either way. Is there any,
- I mean, what we do, we might want to put it back in the West side? I'm with the same thing. I would
- say probably not.
- we took it out of the west side to give it a longer duration right so this will give it well and and
- to to make and to enable the process to occur i mean cook wasn't going to do the whole west side no
- but i even if you collected it within that i mean we could designate certain areas of that tiff district
- to pay for certain it's just the the time length was expanded by
- The time length was expanded into the base was at its all time low because there wasn't anything there
- anymore. I don't know why you would put it back in particularly because I'm not sure there's any projects
- in the west side TIF that we have on the books that aren't physically connected to this district, right?
- And that's the requirement to utilize the money. All right.
- So we had no changes or corrections in this report other than what I made to make sure that some term
- of the TIF was identified. From a sunset standpoint. Yeah. What are we looking at on our Prairie Pike TIF?
- after 2039 because that's when it's scheduled. I think it's 25 years from 2043. We've got adequate time
- for tax revenues to be generated. All right. One down. I guess maybe this what I'm going to what I'm
- going to recommend that we do and this is for the on the cover page.
- For this time, put a beginning and end here for each of these. That's good for everybody to be able
- to look at in a quick view that says this one's going to go to here, to here, and then they know where
- the revenues are going. Fullerton Pike is next.
- I'm going to let Charlie take over unless he wants me to continue. As long as you guys can hear me okay.
- Yes. Okay. I hear a little feedback, but as long as you guys are okay or you don't hear it. All right.
- You're fine. Perfect. And I'm showing my screen. I don't know if you guys can see that, but you've got
- a copy of the reports, I think.
- And Jeff, you did a good job on Curry. Sorry, I was late joining. We just had some technical issues.
- That's why I put the easy one first. Yeah, that was good. That was good. So Fullerton Pike, and I won't
- go page by page. I don't know if you did, Jeff, or not. But there's a lot here in Fullerton, just like
- there are in the other TIF areas.
- Page three of the report shows our tax rates. Just wanna make sure everybody sees that. Just like in
- the past, we do not capture the school referendum tax rates. So those are taken out, the schools get
- to collect all the referendum money, even if it's in a TIF area. And the tax rates have been very stable
- in this area and really in all of our,
- districts. But for pay 26, the tax rate we will collect is 1.2425. Any questions about the tax rate
- or how that impacts the different entities here? I'll explain how it's going to impact them in regards
- to are you talking based upon where we're on their pay portion? Yes. Yeah, so
- The main idea with the TIF is that whatever we're capturing would not have been built had we not done
- the TIF area. So the school and the library and the township, they all get whatever tax, whatever assessed
- value they had when we created the area. And then in the case of the school, they also get those dollars
- from the referendum tax rates. We don't get any TIF revenue from that.
- Now you have me confused. Okay. In the 2026 payable tax rate, you said 1.2425. Yes. But in the table
- on page 5, you're showing a net tax rate of 9592. The difference being
- The fire district has been removed. Yes, and that is also the case. So if it's a fire district, we don't
- get to collect TIF revenue on that either. That falls into the same category as school referendum. That's
- what decreases our total overall collective rate. Yeah, and we probably ought to,
- put that on this page three, the fire district and just kind of keep those together. That would clarify
- that a little bit, I think, because that is kind of disconnected. I looked at these two numbers and
- they weren't the same. And I said, why aren't they the same? And I finally figured out that it was the
- fire district. Yeah, we will. And we want to, you know, I think every year we constantly improve these.
- And I think the end date of the TIF areas is great to put on the cover and we'll make this change as
- well. So we'll have this flow together better.
- So based on looking at on page five, we're at 0.9592 actual collectible tax rate. Correct. That's exactly
- right. Yes. That will be added to page three before it's turned in. Correct. And the other thing that
- happens is a couple of parcels out of this.
- Well, in 2023, issued these bonds, but the parcel count was different. Yeah, and we can go back and
- ask the auditor what happened to those. So I'm looking at page seven, that's the list of parcels. I
- think you're referring to, there's a parcel, Bill Brown,
- trust in a busted block. I can tell you why they were removed if that's the question. They were removed
- because they had been annexed into the city. And so since there was no there were also no increment
- nothing had been done so when they were removed because they were annexed into the city and we didn't
- have debt on any of the TIF districts so by statute
- if it's if when it gets annexed into the city out of a tiff district unless there's a bond obligation
- then it is removed from the district district it didn't have a bond obligation at the time correct and
- and those are the parcels where the where a site was proposed for the jail is that what we're talking
- about close to the interstate right yeah but that's that it's that and i i forget how far north it went
- from there yeah it doesn't yeah it matches up almost to
- That makes sense. And we'll add that footnote to page seven of why those parcels show a zero for pay
- 25 and pay 26. They came on and then they went off. Yeah. Yes. The question I had, what is what's the
- MPT of Bloomington?
- at the hospital. Yeah. Yeah. Surgery center. Oh, is that Monroe? It'd be Monroe Hospital. It's really
- the only major hospital. The property's adjacent, right? Yeah, they're, they're in the TIF. It is. Now
- Southern Indiana Medical's in there's off Tap Road.
- that's in this district. The full of the mineral hospital. The hospital is in the district hospitals
- is Indiana medical is not part. Part two. Map is on page. Here's our personal and exceed the interest
- rate. These are all south of Fullerton.
- Southern Indiana Medical is north. Southern Indiana Medical is north, but there's two parcels to it.
- Couldn't figure out, because the parcel numbers are not on the map. Are for a couple of them, but not
- the others. Finally figured out which one was the
- There's a power station there. Yeah, Dukes got there, but that's that's to the south of the Monroe Hospital.
- Southwest side as it comes, but it's it's designated. Southern Indiana Medical Park Monroe Medical Park.
- Monroe what? No MPT of Bloomington. That is the Monroe Hospital.
- Oh, okay. Let's look. Is that the parcel that is to the south of the Monroe Hospital? Good question.
- Here's our parcel numbers when we look at our Southern Indiana Medical Park. Here's Monroe Hospital
- at the present moment. This is the Duke substation.
- the parcel that cuts through, because this is the roadway that extends from Monroe Hospital. That's
- the hospital. That's the hospital, that's the Duke substation. No. This is the Duke substation. Duke
- substation is over on the right here. Okay, so let's look at this parcel. Is this the parcel? This is
- it right here. By this 008.
- 0590008 including that one and 64 is the one at the bottom. Right, right here. That's this one down
- here called Southern Indiana Medical Park. Right, we've also got these other parcel numbers which is
- 08 and 64. 64, got 50, 61, 63, 61, 60. None of them are.
- T.P. at Bloomington. 59, but that should be right here. It's not parcelized out. That should be. Time
- off Fullerton. We have the roundabout and this is the hospital site. But it's a, it's a, isn't it a
- not-for-profit now? AKB development.
- mpkb that's the that's the back there's all of that all of the southern indiana medical part two here's
- what i'm talking about richard here all southern indiana medical part yeah that house part two
- And what we're referring to in our dialogue and discussion, I'm thinking Southern Indiana Medical Park,
- one off Tap Road, which is not in the TIF district. We're everything essentially south of Fullerton
- Pike. It's just. Well, at any point, in any way,
- The map which is appearing on the page is missing partial numbers.
- Well listed The listing of the parcels and the map are corresponding do not correspond One of the things
- that we are told to do in the recommendation Parcel numbers and the map
- And they do not match. We need a correction on that. That needs to get fixed. All right. So there's
- that part of it. The second issue I had was
- There is a recommendation that we should use 50% of the annual TIF revenue for the payment of the 2023
- bridge bonds. There is a schedule of payments for those bonds on page 6, and it is
- looks like the schedule for the entire bond. It doesn't tell me anything about the schedule of this
- with respect to our TIF revenue. Yep, that's a good point of clarification. The way the TIF revenue
- was pledged was that 50%
- of the TIF revenue was pledged to the debt service on the bond. So the county auditor should be, and
- that's why the recommendation is in there, should be using 50% of whatever TIF revenue we bring in to
- make the bond payment. And whatever is left after that is gonna come from the county major bridge fund.
- Right, that works for now.
- looking at long-term in regards to what we think the overall revenue will be prior to the sun setting?
- Well, if you look at what our TIF revenues have been, it is entirely possible that by the time this
- bond gets to 29, TIF revenue will be sufficient to pay the bond. Off. To make the bond payments.
- And I noticed that there's a big difference between the first five years and the rest of this bond.
- Was it the intent or is it this district is to take over 100% obligation of that bond at that point?
- That was the original intention. My memory is that the 50% is
- dedicated to that, while the intent's probably not. The hope may be the better word. Because we've always
- had the concern with this TIF district with Monroe Hospital, right? Because that's what happens when
- they go not for profit. That's always been a concern with this TIF district, in which case the bottom
- could fall out of the revenues. And so the hope was always that we front loaded the payment of the bonds
- with the hope that once we get through year five, Lisa probably may not know off the top of her head,
- but at that point in time, there was a second or third major bridge fund project that we wanted to make
- sure we had revenues for, that if we needed the bond for, we could. That was gonna be four or five years
- down the road. All right, some dialogue in this report should reflect that. Why'd you look at this and
- say, well, the bond payments went from a million,
- Wait a minute. What kind of magic happens right there? Frontload everything to the bond in hopes to
- build up the cumulative bridge so that whenever we have additional bridges that are needed we have the
- capacity to pay for it because the first majority of the bridge or the Florida flag bridge is being
- paid from county share standpoint. I think the other part of that equation
- of it reducing is also what we talked about kind of with the annexation stuff, right? And so as long
- as we have debt on that property in that TIF district, then that district would contain and the other
- half of that is we also wanted to make sure the debt remained in place for the duration of the TIF district
- so we can continue to make whatever improvements we need for the floor. Makes sense.
- the schedule doesn't make any sense at all. It just shows us debt services. It's not showing, it's not
- showing how much of the debt is anticipated to be paid by the district at any particular point in time.
- It just says, and we kick in a little bit here and there if we can. I think it would be better if we
- actually showed
- We showed the reality of the contribution that the TIF district is making rather than this. Well, the
- whole bond is being paid off by the county and we're going to kick in what we can when we can because
- right now we've did a resolution which takes 50% of our annual revenue. And right now our annual revenue is
- Hopefully, it's going to be about 150,000, 160,000, something like that. And so we would take 80,000
- of that, or whatever the half of that is, and we'd make that a contribution to the county general. It
- would work. I think that the money would go straight to the debt payment.
- a check to the debt holder part of that funding would come from this fund come from the major bridge
- fund okay so we would have to dedicate now so since it's not a precise amount do we have to on an annual
- basis set that figure as a payment as a claim right correct okay all right now at present there is
- $600,000 sitting in that pot. Are we to take 50% of that? Just the revenue. Huh? Just the revenue, not
- the principal. Just the revenue. Okay. Okay. And I believe that the, I can confirm this with bond council,
- I think what bond council had said at the time is that you have, that's available for the bond payment,
- but as long as the bond gets paid from the sources,
- You're okay. Right. So then, so there will be a claim for 50% of revenue that will come through some
- point, twice a year? Because we're, we get twice a year? I don't know when, are the bond payments, the
- bond payments look like they are? Yeah, they're twice a year.
- We're going to have two claims each year for half of our distributed revenue. Pay this off, right? And
- I guess I'd ask Charlie the question of if the county chose to pay for 100% of this debt from a different
- funding source, that doesn't violate any pledge or anything like that, is that correct?
- That's what we would argue, Jeff. That's a good point. But I think going back to what you said and the
- way the pledge resolution reads, I think we've pledged that 50% of the TIF revenue because we needed
- to show that in order to keep those TIF revenues on those parcels if they were annexed. So I think we
- would want to make those TIF payments on the bonds if at all possible.
- Is there a way you could add a column to this exhibit E that would have an estimated payments for each?
- I think that makes a lot of sense in the end. It'll be an estimated because we don't know what
- our collections are going to be. But just to show that we do have that commitment. Jeff, I think we
- do have some cash. And we don't spend much out of that Fullerton Pike TIF because of this commitment.
- Well, I think that the commitment is to pay at least 50%. I think if the redevelopment chose to, they
- could pay more than that. But I think we should at least get what our commitment is in the paper. And
- then much like what we did with Curry Pike, if you guys chose to pay additional to free up money in
- Major Bridge, we could certainly consider that. Right.
- What appears on page six would stay there. We just add a column to the right, which is estimated. If
- district commitment, yeah. OK, with that we know exactly where we are from a fine. Additional 50% that
- we utilize for any other projects that are necessary. Correct. That makes me more comfortable. Our biggest
- biggest concern on this one is simply a matter of our largest
- you know, partner on this, taxpayer, which is why we pledged a percentage and not an amount, to be honest
- with you, is because. All right. Okay. I'm going to, so that's the map and modification of schedule
- on page six. All right. All right. That sounds good. Moving on.
- Okay, let's go to the big one. Wilmington Township. Save the west side for the last. Okay. That sounds
- good. So again, I think you guys all have copies of our report. Yes. I am presenting on the screen.
- This is similar in a lot of ways to Curry profile in that we have a bond outstanding that is
- could be up to 4.5 million, but the developer has only drawn 61,500 of that so far, and that's the amount
- that's outstanding. We've paid interest on that every year, but we have not paid any principal down
- so far. And it's our understanding the developer is still looking at the area, and there is still a
- possibility that they may have something there
- that they wanna do, that they wanna be reimbursed for some infrastructure and some costs out there that
- this still could happen. Although our time is getting short because this one will expire in 2033 when
- that bond is paid off. So. And I would give a little update to that. I've seen the emails from the state
- where they got their last NOMAR. Is that the correct?
- word there, Lisa Lomar. No, their map. What are map revision for Hunter Valley for Hunter Valley? So
- I think that and I've talked with Mr Crider and I think their intention is to build the project this
- year. At their last remaining obstacle seems to have been overcome. So essentially where we're at is
- just a matter of, you know, approving it as it moves forward from a funding standpoint.
- Yeah, and once he gets started, I will probably have a conversation with you guys, and I'll probably
- have a conversation with Bond Council. The original amortization schedule, of course, was scheduled
- based upon a longer payback period to see what the options are. I don't think it's the intent of anyone
- not reimburse what we can. Well, there is. OK, so we do have
- Schedule on page 5 for the listing And then we have another one on page And then we have another one
- on page 8 which looks like it is for the full 4.5 beginning this year
- That is correct. And the one on page eight is really for illustration purposes, I would say. And that's
- assuming that the developer would draw the full $4.5 million, what the payments would be every year
- after that in order to get the bonds retired on time. I have no doubt that he will take it all. Once
- he gets the project moving, they will take it.
- What I have a question about is how does, what they've drawn already, the 61500 figure into this amortization
- schedule, assuming that the debt already is 61500, and I don't see that on this schedule, so that's
- got me a little confused.
- assumed to be included in the four and a half million. It's not broken out separately on the second
- one. Yeah, it's just the full 4.5. So we would assume then that the first principle, okay, so it's included
- in the 4.5. And in page 16,
- estimated TIF revenue. On page 16, you've given us our estimated revenue based upon revenue expectations
- for 2026, which are considerably less than the debt service which is projected here. Now, as I understand
- it then, the developer ends up
- that but this only goes through 2030 so there's three more years yeah you're your assumption is correct
- I think what if we don't get any more build out if he doesn't build anything else that's taxable
- we won't have enough TIF revenue to pay the full bond. If he draws the four and a half million. Yeah.
- And then the developer eats that because they're, you know, that the only thing that gets paid is whatever
- TIF revenue comes in. Right. Okay. So it behooves him to either find tenants to use his property or
- the net effect just on, just I'm clear on this, Charlie.
- is when we're looking at the difference, you know, we're half a million dollars short based on what
- our recent tax revenues, if it doesn't grow from an increment standpoint, there's approximately 670,000
- that would. If I look at on page nine, this is the allocation fund estimates.
- if settlements are running $500,000. So why is estimated if revenue $260,000 on page 16? We made an
- assumption
- may not be correct that we need to update. We assumed that some of the property was going to be sold
- to the county for a project. And by doing that, we were gonna take some taxable property and make it
- tax exempt. That may not happen now. So I think we need to look at that and maybe update that projection
- of TIF revenue. Yes.
- Or at least annotate that. I guess we're sitting here and we're going through the fiscal plan of this.
- Jeff, is that a correct statement? Is there still something out there or for them to correct to get
- this correct? Just an annotation on the note. I would do an annotation because of my opinion until a
- site is chosen, a site's not been chosen. And there are a number of possible sites.
- You know, where it goes, I have no idea. But I would think that you annotate it this year, the next
- year you correct it together. Given the circumstance with the bond holder that's already purchased the
- bond, hasn't drawn down on it, he's aware of this type of situation. Yes. There is debt on it.
- His debt at this question is, do we pay off this sixty one five or do we let it hang? I. I wouldn't
- pay it off because he's informed us or he's informed me that he's going to try to build the road this
- year, and I'd rather have the road at the road and get everything. And since this is a debt on the entire district,
- anything that gets annexed in that district is still going to be in the tip, right? Okay. All right.
- So it just, it, it, I guess the issue is that we would like that annotation on page 16. It'd be a little
- more emphasis on the speculative or the unknown nature of what's going to happen there. Cause right
- now it shows us upside down. Yep. That's a good point. We will do that.
- there was something again you've got this the same issue with the that tax rate on page 6 yes which
- is including the fire district and fire district actually comes out and it
- sure that comes out. And Jeff, am I correct at the West River LLC at the property that the county purchase?
- Would not be. I wouldn't
- Page 15. It's a negative $14 million. That is another parcel. I think it's a senior living center that
- it looks like has become fully tax exempt for pay 26.
- We're going to confirm that with the auditor as well. But that's why it went down to zero for pay 26.
- So that's a big impact for us. And the VA is non-profit anyway. That sounds more like why it went down
- from $250,000. Yep. That's big.
- doesn't make any sense. Yeah. And that's why we've got the question in on that because in the past part
- of the facility had been given tax exempt status. So we, we captured most of the AV, but there was some
- that was tax exempt, but for as of now pay 26, it looks like a hundred percent tax exempt. So we will
- get that resolved before we issue the final report.
- Now, I do know that facility had some kind of change occur at the middle of last year as we saw a big
- difference in their water usage.
- It went down by half. I don't know whether that, there was some transition that occurred there in terms
- of who owned it. Something like that. It's a big enough difference. We had to make sure we understand
- what's going on there. Yeah. We will definitely do that. The other thing that I noticed,
- And this is taking the parcels against the map. The map which appears on page at the end of this, which
- is gonna be paid. Whatever it is, whatever page it is, it's the map. This map does not show all the
- parcels that are in the TIF, as far as I can tell. Because it is showing the parcels that are in Bloomington Town.
- Yep, but showing the parcels that are in There should be a bunch of parcels in Richland Township that
- are part of the TIF
- Okay, Lisa or Jeff, can you help us with that? Yeah, and get us in. Yeah, well, I'll get in touch with
- John Baten, our GIS coordinator. Okay. And have him run. I'm gonna I'm gonna have him run all four maps.
- Yeah. Yeah. Yeah. And I sent these maps, those, John had sent those to me in February that they were
- all updated. So that's that came from him. That particular map is not correct.
- Okay. Another thing I had. I did have a question. Oh, this is for Lisa. On the proposed projects listing,
- it is showing the extension of Curry Pike, which is now Hunter Valley, as being four lanes with intersection
- turn lanes, et cetera, et cetera. And there is
- a note about construction costs and fixes two lane and four lane numbers and comes up with a different
- number. So I didn't change those because I haven't really been in contact with Steve Crider. He was
- in contact with Paul. I don't have the the cost estimate that he he would need to provide. I can get
- that updated but
- I have been, I really haven't been involved in this project. Jeff and Jeff and Steve Crider usually
- contact Jeff Cockrell and then Steve Crider would contact Paul. So I can get the most latest update
- from Steve Crider. Okay, that's what we need. Yeah, and my memory is that it's once it gets beyond the
- creek there, it's two lanes. That's what I was remembering as well.
- It definitely is in four lanes all the way. So I think that was just in the original setup. I was originally
- supposed to be four and then we cut it back down and we didn't have the money. Correct. But that note,
- which is note number two underneath that table, that needs to be corrected so that it's clear about
- what's going on. And then the entry in the table itself needs
- be corrected too, because there is a, I think it's four lanes up to the bridge and then it's two lanes
- after that, I believe. But that needs to be corrected in this report. Okay. All right. So that's what
- we've got for this one. All right, that sounds great. We'll get that revised and back out.
- Are these estimates still good, Lisa? For Westside? What'd you ask me, Randy? Are these estimates still,
- you feel so good with Hunter Valley? That's what I want to check with Steve Kreider because he hasn't
- provided me any numbers recently. All right. And I, yeah. On to the Westside.
- That sounds good. So we will, just like we said earlier, we'll make sure on the cover page on all of
- those, we'll put our expected expiration date. So we'll have that on the west side. That one will be
- ending. And we do have two bond issues outstanding on that district. Yep.
- And in this one, we do have some parcels that the city of Bloomington annex. So we've got some sharing
- of revenues, but since we had those bonds outstanding, we got to keep our tax rate, everything except
- the city. Bloomington gets their portion of the tax rate on those parcels.
- we'll go to 2039, that's the final payment on both bond issues. So is there certain pages we wanna go
- through on this or how would you guys like to handle this one? Let's look at the tax rates again. Okay.
- Because there's no annotation at the bottom of the tax rate table.
- telling us what gets included and what doesn't get included. Okay. And that's, that's a good point.
- So, um, right now, and this would be possibly impacted as we talked about with Ellisville and the, um,
- reorganization, but as of now, Richland beam blossom does not have, uh, the school district does not
- have any referendum rates. So we get the full school tax rate and there is no fire district out there. Uh, it's,
- So we get we get the full tax rate for this this area. Good. But there is a vote tonight on the fire
- district. Yeah, changes, right? I think that's the territory or the territory and I'm not sure. I'm
- not sure the what I know the rules aren't totally the same for both the district and territory. I just
- don't know how it's affected here, right? OK.
- Yeah, and it would most likely reduce our TIF revenue. We would lose the fire tax rate that's in the
- township right now. That will go away and there will be a fire territory rate that we would not collect.
- They're basically treated the same as fire districts now. That law changed a few years back.
- So if the territory is successful, that would most likely reduce our TIF revenue in the future. Is that
- something we need to look at from a projection standpoint? We can definitely, we've got a cash flow
- back in later in the report. We could show the cash flow with that assumption. I think that's a good
- way to look at it. That's a good point.
- two schedules, one for the 2020 bond. Yep. In bonds. I'm trying with each of those. And you give us
- an estimated debt service coverage. And we've had better coverage now than we've ever had before. The
- question is, why don't we have any money? Coverage was on cash. Yeah.
- And we are building our cash back up. So, you know, we did dip down, but when we get back to that cash
- flow page, you'll see that we are starting to build that back up. Now, Lisa may have some more projects
- that come into play in the future. We'd kind of stopped, you know, because we didn't have any money
- to spend. A couple questions for Charlie. I'm looking at the time coverage, I guess.
- If the Art Redevelopment Commission chooses to do another bond in the future, I mean, should they be
- reminded or is it still the case that, you know, 10 years is probably the shortest you want to issue
- the bonds for? Or am I? That is a, that's a good rule of thumb. You know, there's, you know,
- Sometimes that's different, but that is a good way to look at it. That's kind of the minimum because
- of the costs you have to go through to do a bond issue. 10 years is kind of that good starting point.
- If we're going to look for a big project, let's look for one in the next couple of years so that we
- can get that bonding completed before 29. So it can be a nice 10 year. Yes.
- I guess I had another question. I noticed that we were getting between 24 and 25, had the same amount
- of cash invested, but our interest went way down in 25. Anybody know why that went down? I don't know
- why, other than that's across the board, everything we saw at the county level with
- Interest received from investments, I think. I think it's the rate that the banks are paying and the
- treasuries are paying. I think it's going. It's hard to get interest on funds. I mean, I think for a
- couple years when the Fed increased the rate to control inflation,
- when we got all the revenue from from savings right now that it's being reduced i mean that's one of
- the costs of that or the ratchet down a little bit too yeah that's probably the biggest thing here is
- our our fund balance just went down you know by quite a bit so at the at the end of 24 we just had you
- know 347 000 of cash so that that made a big difference in
- 25 of how much interest we could earn. We need to look at projects that have occurred two years from now.
- Okay. Changes in value. Put that together. We've got our expected TIF revenue, which is running
- a million-dollar ballpark. In the past, we were expecting it to be something
- Like that? Yeah, we expect our TIF revenue for 26 to be just over 3.1 million. Right, right. Okay.
- On page 21, the total revenue.
- And we've got a new page, a corrected page, and we'll get that. The report you have does not have the
- project cost in 26 that Lisa provided to us. So we're gonna spend more in 26 than what that shows. So
- I've got a revised page. I don't know if you guys can see this on the screen or not, but. Is that a
- revised page for 16?
- for page 21. Just a brief note, you could probably take off the with school payment. Yeah, that's a
- good point too. Yeah, we're committed to that now.
- So the page 21 that you guys have at the bottom, the projects are all blank for 2026, that's not correct.
- The version I've got on the screen right now shows a Curry Pike reconstruction, 750,000 for 26 and 165,000
- for Vernal Pike Connector Road. So with that, our estimated spending for 26 is just over 2.4 million.
- And that would give us
- All right, my question goes up to the top part of this chart. Okay. Where it says total revenue, 2027.
- The sum of 2.7 million and 3.1 million is not 3.1 million. We're not including the fund balance in the
- total revenue line. So the beginning balance. Okay.
- is excluded. So, and we've got some extra things there that were in the past like that beginning balance
- from the 20. When you draw a straight line and then you do a total below it, that would be the sum of
- the two numbers above it. Yeah, we need to space that out better. That's a good point. It's the beginning
- balance should just stand on its own and then have some space after that.
- We'll turn that up too. There's actually two pieces to this up above. There's the beginning balance
- and beginning balance, and then there's the one which has to do with estimated TIF revenue,
- federal funding, total. Yeah. So there should be a total balance up above there too. That begins. And
- we've got the bonds, school payment, fire truck, and then the items that you
- just mentioned that need to go into this. Yep. And what was your final year? The end of 26,
- we have a 1,822,837 is the estimated ending balance for 26. 1,832? 822. 1,822,837.
- this chart should have a subtotal for beginning balance a subtotal for total revenue a subtotal for
- total disbursements and then an ending balance yeah we will make that update right so it's the subtotal
- for beginning balance that you're missing
- I guess part of what confuses me in this is that we have an estimated TIF revenue, and I know historically
- we've had other revenue components to it, but this year we don't. So your estimated TIF revenue is also
- your total revenue, and so I don't know if, at least for this year, that could be simplified or not,
- if that makes sense. That is our total overall revenue plus the balance.
- It does get shown later on. There's a five. Yeah, just the way that that chart is written. Yeah.
- We'll clean that up, and I think Jeff's got a good point. In the past, we had other revenue besides
- TIF in there, and the total revenue was more applicable. Now it kind of, it doesn't make as much sense
- because it's repeating that same number. But I think we can format this better. Yeah, I think you can
- format it so that it's better. It's better, yes. Okay.
- we're expecting them to end up in twenty seven. That ending balance will be two million six thirty two
- four fifty one and that's after putting eight hundred thousand in for Curry Pike reconstruction in twenty seven.
- We're on to Parsons didn't check all these I'm assuming they're correct because it's a lot of work I
- noticed that
- Base for 2026 is down by 5 million. I know why that's occurred. That's a result of the formula required
- by DLGF. So the county auditor has to put in certain things into that. And it's just a mathematical
- computation.
- that they go parcel by parcel on changes and they have to determine if it's a higher value, if it was
- caused by somebody actually building something new or if it's trending. And they have to identify that
- the same thing with abatement roll offs. And then there's a final item that they have to enter as far as what
- if anything was demolished or if something became tax exempt. So when they enter all those things in,
- the DLGF calculation tells them what that new base value has to be. And I can confirm, I can check with
- the assessor's office, but my memory is that one of the, part of this district is part of that,
- you know, the complex that has the strip mall off of, with low,
- and all those. So this part of that is contained in there and one of those businesses had done a major
- appeal through the assessor's office and got their assessed value reduced by, I don't think the full
- amount, but by a significant amount that would have. I know Lowe's did it. That was a couple years ago.
- That would have only had an effect.
- Yeah, I think they, I think they filed it a couple years ago, but I think it just. When I look at the,
- when I look at the Bloomington township packet, there is a, a chart which is called major changes in
- assessed value, which is very helpful because it gives me an idea of what's going on and what to look
- for. That was the thing about the hospital. We don't have that for this one.
- What we've got is the historical values for the prop. And so when I, one of the things I did was kind
- of run my finger down and say, oh, this one's a big difference. This one's a big. I don't know what
- this is. But we do have that on page 18. We do have that similar kind of parcel. 18? Yeah.
- It's just for a few years because I think at one point in time they had 20 years worth of these major
- changes all in the same report and it just got a little burnt. Yeah, exactly. Yeah, so we've got, I
- guess we've got three years. Okay, I see it now.
- missed it. The other thing is to make sure that we've got things. That is correct. And I didn't see
- any obvious things in this that weren't here.
- The question was why were some of the things not in it? That's a separate issue. And I think the answer
- to that is twofold. One, there are a few that aren't in it, period. And then at one point in time, if
- the property was not at a taxable property, then it was not included in the TIF district as part of
- what's in the LAO software.
- But if you're gonna run the map for the others, you might as well run the map. This map would be a little
- cumbersome. I've already had that conversation with him. I just need to circle back and see where they're
- at with that. And the last thing we've got then is the local cost table.
- are projections for the future. All right. Anybody got anything else on these? I would just ask, at
- the next meeting or maybe the meeting after that, you guys are going to receive some resolutions asking
- you to declare whether there is any excess assessed value in any of these TIF districts.
- And so when we go through these with our financial advisor, I always ask them, through the four reports,
- do they have any recommendations on how to answer that question? And Jeff, we recommend the commission
- capture all of the assessed value in all of the districts for pay 27. And I think we've,
- you know, as we walk through these, we've identified those costs and debt payments on each of the areas
- that we do need the TIF revenues for in 27. One question regards to that total overall, and this is
- a question, Jeff, in regards to, is there ever any possibility of doing consolidated TIFs so you could
- utilize this money into one specific project that the county needs as a whole?
- I don't know if one, that's really. I guess you have two districts, one district that's off on its own
- that doesn't in any way connect to it. So I don't know how you can consolidate that, right? I think
- with the expiration dates on the state road 46 corridor being, what, 2033, that's only six, seven years.
- It's seven years away, which in the grand scheme of things isn't a whole lot of time to really think
- that consolidation makes a lot of sense. And I think we've already talked about whether Curry Profile
- and the Westside TIF District should be consolidated. I guess in theory, yes. I actually think instead
- of consolidation, maybe the more interesting question and the one that we probably should consider is,
- you know, we've got that
- 46 corridor that still hasn't really gone. And so does it make sense? We had looked at a residential
- TIF there. I actually I think there's one property owner that's not with Logan land development. They
- had called me prior to spring break and we're looking at maybe some kind of multifamily housing or they're
- trying to figure out what they're going to do with that property.
- you know, if we had, if they were going to do something that would be a high revenue generator, particularly
- if it's multifamily or something like that. I really think, plus with how the PUD got changed, where
- that kind of that northern section across 40. And what I'm asking is not specifically for that particular
- one or residential TIF because we've looked at that, but just as we look at these large projects that
- need to be done, if we look.
- you know, 10,000 here, we've got 1.5 million on this particular TIF, and of course, TIF given the geographic
- areas, if it would be consideration to do that, and if you do that, would that allow for the additional
- sun setting time to extend longer? Well, I think once, and Charlie, if you know, if what I say is wrong,
- please step in, but the second you extend the timeline of that TIF, you reset the base.
- Well, so the State Road 46 has areas where resetting the base may not be a big deal because they haven't
- developed. And so that's kind of where I was going with it is that, you know, you look at the areas
- in those TIFs that haven't developed and that's where you look at, hey, does it make sense to do something
- different there? So let me just add to that a little bit. So when you consolidate the TIF areas, you
- do not extend
- any of the dates of expiration and you wouldn't reset the base. So the only thing consolidation does
- is allow you to spend the money in those other areas. It doesn't change the allocation area calculations
- at all. So west side would still expire when it currently expires and the base would still be the same.
- Consolidation and Bloomington did this a while back. It just allows them to spend money in that wider
- area. It doesn't impact collection of TIF revenues. If that makes sense. That makes perfect sense. That's
- what I was looking at in regards to it's just utilized as a financing vehicle in overall area. When
- I know any sun setting or collections, you just pick it out.
- And the one thing- So it may make sense to think about for Curry and Westside. I'm trying to remember
- and I need to get the map out to see how contiguous the state road 46 and Westside are, right? I just
- can't remember. I think they are, but I think we'd have to make sure that is the case if you wanted
- to think about that.
- I have no claims. I have comment. Lisa, have you got any comments? I do not. Do you have a comment?
- No, we'll just, I guess, I assume that you guys
- Well, I think you guys probably should go ahead and move and vote that we go ahead, make the corrections
- discussed at this meeting, file the corrected versions of these reports with the county council and
- make sure they get put in the gateway by April 15th. So I would comment that that motion vote hopefully
- will happen tonight. Other than that, I mean, this is a great meeting. And I think the next meeting
- I already heard from Dr. Sanders and I will
- But we will have the presentation from the RBB. Given that comment, I'm going to move that we request
- FSG to prepare a new set of reports with actions. I deliver those to Jeff for submission to
- to the council I believe on a council and then ultimately on into the Indiana gateway and it posted
- to the Indiana gateways that like a 15th have a motion and a second or do we have to call roll on this
- No, because no one's online, but I'm more than happy to call roll if you want. Call the roll. Commissioner
- Martin. Yes. Commissioner McCarty. Yes. Commissioner Jones. Yes. Commissioner Cassidy. Yes. Motion is
- approved, four to zero. All right. Commissioner Comins. Randy, you got anything else? I think we're
- good. Just call anything. Same here. We're good. I'm good too.
- these reports done and filed. Mr. Crider building a road for us. Work on Curry Pike. Sort it out so
- we can get started on that. Bids have been approved. Contracts? Thank you, Charlie. Thank you, guys.
- Have a good night.
- Getting adjourned.