July 23, 2014 at 2:10 p.m.
Boundary, goals of county TIF district OK'd (02/06070)
Jay County Redevelopment Commission
By By MARY ANN LEWIS-
Members of the Jay County Redevelopment Commission Monday afternoon approved a declaratory resolution for a tax increment financing (TIF) district around the ethanol plant under construction southwest of Portland.
Establishment of a TIF district was approved by Jay County Commissioners and county council members a few months ago after Premier Ethanol officials requested the district be created to help pay for infrastructure construction at the site.
The TIF district includes 191 acres surrounding the site.
The redevelopment commission is expected to issue bonds to fund about $4.5 million in infrastructure improvements at the site.
The bonds, in turn, would be paid off by property tax revenues collected on the higher assessed valuation of property that will result with the construction of the Premier plant.
Additionally Monday afternoon, Greg Guerrettaz of FSG Financial Group Inc., presented an economic development plan for the district.
Guerrettaz said the amount of money to be collected annually through the TIF district has not yet been determined, but estimated onsite and offsite infrastructure costs have been set at $4.5 million.
The county plans to take advantage of the TIF as well to indirectly help offset the cost of extending a sanitary sewer line to correct a sewage problem in the nearby Foxfire home addition, northwest of the Premier site.
That project to extend the sewer line from the Premier site to the Portland wastewater treatement plant, which is at the top of the redevelopment commission's priority list, is estimated at nearly $700,000 and will run east along county road 150 South to connect to the wastewater treatment plant.
Monday morning, commissioners saw plans for that construction and urged county engineer, Dan Watson, to begin the bid process as soon as possible.
Premier has indicated a June startup date has been targeted and local officials have been urged to move as quickly as possible on the sewer project as well as creation of the TIF district.
Other costs Premier officials hope will be reimbursed through TIF include running the sewer from the Premier site northeast across the Salamonie River to county road 150 South, road maintenance, storm water drainage, a processed water discharge line, a supply water line from Meshberger Stone to Premier, creating a spur from the Norfolk-Southern Railroad, gas and electrical installation.
Premier officials have indicated the $1 million cost for the electrical installation could be deleted from the list if funding the project cannot be done, pending final TIF dollar amounts and details.
Property owners in the area of the TIF will be notified later this month and a public hearing to hear concerns will be held in early March.[[In-content Ad]]
Establishment of a TIF district was approved by Jay County Commissioners and county council members a few months ago after Premier Ethanol officials requested the district be created to help pay for infrastructure construction at the site.
The TIF district includes 191 acres surrounding the site.
The redevelopment commission is expected to issue bonds to fund about $4.5 million in infrastructure improvements at the site.
The bonds, in turn, would be paid off by property tax revenues collected on the higher assessed valuation of property that will result with the construction of the Premier plant.
Additionally Monday afternoon, Greg Guerrettaz of FSG Financial Group Inc., presented an economic development plan for the district.
Guerrettaz said the amount of money to be collected annually through the TIF district has not yet been determined, but estimated onsite and offsite infrastructure costs have been set at $4.5 million.
The county plans to take advantage of the TIF as well to indirectly help offset the cost of extending a sanitary sewer line to correct a sewage problem in the nearby Foxfire home addition, northwest of the Premier site.
That project to extend the sewer line from the Premier site to the Portland wastewater treatement plant, which is at the top of the redevelopment commission's priority list, is estimated at nearly $700,000 and will run east along county road 150 South to connect to the wastewater treatment plant.
Monday morning, commissioners saw plans for that construction and urged county engineer, Dan Watson, to begin the bid process as soon as possible.
Premier has indicated a June startup date has been targeted and local officials have been urged to move as quickly as possible on the sewer project as well as creation of the TIF district.
Other costs Premier officials hope will be reimbursed through TIF include running the sewer from the Premier site northeast across the Salamonie River to county road 150 South, road maintenance, storm water drainage, a processed water discharge line, a supply water line from Meshberger Stone to Premier, creating a spur from the Norfolk-Southern Railroad, gas and electrical installation.
Premier officials have indicated the $1 million cost for the electrical installation could be deleted from the list if funding the project cannot be done, pending final TIF dollar amounts and details.
Property owners in the area of the TIF will be notified later this month and a public hearing to hear concerns will be held in early March.[[In-content Ad]]
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