July 23, 2014 at 2:10 p.m.
Downtown project moves forward
Portland Redevelopment Commission
A program to help downtown property owners spruce up the facades of their buildings got its first green light on Monday.
Members of the Portland Redevelopment Commission voted Monday to donate $25,000 to the downtown façade funding program. This program is a 50 percent matching program and the funds will be used to improve the look of buildings in the city's Downtown Historic Preservation District.
Kristi Sturtz of Sturtz Public Management Group told commission members that she plans to the meet with the Portland Economic Development Income Tax Advisory Committee on Monday and ask for an additional $25,000 for the grant program.
Much of the Downtown Historic Preservation District also is located in the city's Tax Increment Financing District. When the redevelopment commission and the TIF District were established, one of the goals city officials stated in the creation of the district was to use the increase in assessed valuation generated in other parts of the district to improve the downtown area.
Before redevelopment commission members Joe Johnston, Lola Joy, Randy Wehrly, Brooke Aker and Mike Simons voted, Sturtz briefly explained the grant program to them.
She said all of the changes made as part of the grant program must follow the historic preservation district guidelines. The grant program will be a five-year forgivable loan program, she said. If any property is sold in the five years after the work is completed, 20 percent of the borrowed funds must be repaid for each year short of the five years. If the property owner dies during the five-year time frame, the funds will not have to be repaid.
The matching fund cap per project would be $10,000. The due date for applications will be Feb. 15, Sturtz said.
The grant program was first presented to members of the Portland Historic Preservation Commission at their Oct. 21 meeting. Johnston asked if the preservation commission had any concerns about the grant program.
Sturtz said historic preservation commission members were worried about privacy for property owners, since one of the requirements for an application is to submit profit and loss statements for the previous two years. After discussing the matter with city attorney Bill Hinkle, this requirement has since been removed from the application guidelines, Sturtz said.
Aker wanted to know the grant fund distribution schedule.
Sturtz said the property owners, generally, will be paid as the work is completed, but multiple claims could be submitted as the work progresses.
"Do you worry about a lot of participation and not enough money?" Simons asked.
"We wanted to start small and make if financially manageable," said Bruce Hosier, mayor of Portland. Hosier said he is hoping several property owners will participate in the program and it will continue for some time.
"If you get one done ... I think it will encourage others," Joy said.
In other business Monday, city clerk-treasurer Randy Geesaman presented the latest balances of the TIF District's allocation, construction, debt service and bond principal funds.
As of Oct. 31, the allocation fund had $134,377, the construction fund had $104,552, the debt service had a balance of $193,752 and the bond principal was $197,721. Disbursements have been made from the allocation, construction and bond principal funds for bond payments and fencing around the lift station along Industrial Park Drive.
Geesaman said Greg Guerrettaz of Financial Solutions Group will create a complete financial analysis of the TIF District and present the results to the commission at a future meeting.
In a related matter, commission members voted to pay Guerrettaz up to $2,500 to complete the study.
Also Monday, commission members:
•Heard an update on the Lafayette Street extension project.
Craig Rogers, senior project manager for The Schneider Corporation, said a field check for the project was completed in July and an archeological investigation was completed Friday.
When the project - which will extend Lafayette Street to Industrial Park Drive - was first pitched, the city had considered using TIF Funds to complete the work. Since that time, the city has been given permission from the Indiana Department of Transportation to use a $740,000 Transportation Enhancement Grant originally allocated for another project for the street extension project.
"So the TIF will not be involved?" Joy asked.
"Probably not, but I would not exclude it," Hosier said. Adding that the city is still looking at options for funding the city's portion of the $1.2 million project.
•Learned that there is an Indiana association of redevelopment commissions that meets about four times per year.
Sturtz said she could get some more information about the association for the commission.
"It would be nice to have information on it," Wehrly said.[[In-content Ad]]
Members of the Portland Redevelopment Commission voted Monday to donate $25,000 to the downtown façade funding program. This program is a 50 percent matching program and the funds will be used to improve the look of buildings in the city's Downtown Historic Preservation District.
Kristi Sturtz of Sturtz Public Management Group told commission members that she plans to the meet with the Portland Economic Development Income Tax Advisory Committee on Monday and ask for an additional $25,000 for the grant program.
Much of the Downtown Historic Preservation District also is located in the city's Tax Increment Financing District. When the redevelopment commission and the TIF District were established, one of the goals city officials stated in the creation of the district was to use the increase in assessed valuation generated in other parts of the district to improve the downtown area.
Before redevelopment commission members Joe Johnston, Lola Joy, Randy Wehrly, Brooke Aker and Mike Simons voted, Sturtz briefly explained the grant program to them.
She said all of the changes made as part of the grant program must follow the historic preservation district guidelines. The grant program will be a five-year forgivable loan program, she said. If any property is sold in the five years after the work is completed, 20 percent of the borrowed funds must be repaid for each year short of the five years. If the property owner dies during the five-year time frame, the funds will not have to be repaid.
The matching fund cap per project would be $10,000. The due date for applications will be Feb. 15, Sturtz said.
The grant program was first presented to members of the Portland Historic Preservation Commission at their Oct. 21 meeting. Johnston asked if the preservation commission had any concerns about the grant program.
Sturtz said historic preservation commission members were worried about privacy for property owners, since one of the requirements for an application is to submit profit and loss statements for the previous two years. After discussing the matter with city attorney Bill Hinkle, this requirement has since been removed from the application guidelines, Sturtz said.
Aker wanted to know the grant fund distribution schedule.
Sturtz said the property owners, generally, will be paid as the work is completed, but multiple claims could be submitted as the work progresses.
"Do you worry about a lot of participation and not enough money?" Simons asked.
"We wanted to start small and make if financially manageable," said Bruce Hosier, mayor of Portland. Hosier said he is hoping several property owners will participate in the program and it will continue for some time.
"If you get one done ... I think it will encourage others," Joy said.
In other business Monday, city clerk-treasurer Randy Geesaman presented the latest balances of the TIF District's allocation, construction, debt service and bond principal funds.
As of Oct. 31, the allocation fund had $134,377, the construction fund had $104,552, the debt service had a balance of $193,752 and the bond principal was $197,721. Disbursements have been made from the allocation, construction and bond principal funds for bond payments and fencing around the lift station along Industrial Park Drive.
Geesaman said Greg Guerrettaz of Financial Solutions Group will create a complete financial analysis of the TIF District and present the results to the commission at a future meeting.
In a related matter, commission members voted to pay Guerrettaz up to $2,500 to complete the study.
Also Monday, commission members:
•Heard an update on the Lafayette Street extension project.
Craig Rogers, senior project manager for The Schneider Corporation, said a field check for the project was completed in July and an archeological investigation was completed Friday.
When the project - which will extend Lafayette Street to Industrial Park Drive - was first pitched, the city had considered using TIF Funds to complete the work. Since that time, the city has been given permission from the Indiana Department of Transportation to use a $740,000 Transportation Enhancement Grant originally allocated for another project for the street extension project.
"So the TIF will not be involved?" Joy asked.
"Probably not, but I would not exclude it," Hosier said. Adding that the city is still looking at options for funding the city's portion of the $1.2 million project.
•Learned that there is an Indiana association of redevelopment commissions that meets about four times per year.
Sturtz said she could get some more information about the association for the commission.
"It would be nice to have information on it," Wehrly said.[[In-content Ad]]
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