July 23, 2014 at 2:10 p.m.
Redevelopment moving forward (03/06/07)
Jay County Redevelopment Commission
By By MARY ANN LEWIS-
Members of the Jay County Redevelopment Commission said Monday they were pleased that Portland's Planning Commission approves of the county's economic development plan at the Premier Ethanol site.
The city commission must approve of the project that lies within its two-mile zoning jurisdiction and did so during a meeting Thursday afternoon.
During a public hearing for the establishment of a tax increment financing (TIF) district for the Premier Ethanol site southwest of Portland, entities that may be affected by the move were encouraged to ask questions.
Rosalie Clamme, director of the Jay County Public Library, was the only member of the audience and said she had no questions.
As commission members Carl Walker, Dan Watson, Todd Wickey, Brad Burkett and president Faron Parr move through the process of establishing the TIF, they adopted a resolution confirming the declaratory resolution.
Jay-Portland Building administrator, Bill Milligan, questioned the commission about the need for the Portland City Council to approve the economic development plan and consulting attorney, Sue Beesley of Bingham-McHale, Indianapolis, assured him that the commission needs only planning commission approval from the city.
"The reason we needed their approval," Beesley said, "was because of the two-mile jurisdiction."
"We've gone too far to let this stray," Milligan said about the process and his concerns.
The next move for the commission is for county commissioners to establish an economic development commission, which is expected to be done at Monday's meeting.
That commission, which may include council and commissioner representatives, is expected to oversee the county's economic development plan for as long as the TIF is in place, county auditor Freda Corwin said.
Greg Guerrettaz, financial consultant with FSG, Indianapolis, was questioned about what entity would be distributing the money when bonds are issued to raise money for expected infrastructure projects within the TIF district.
The entity issuing the bonds will be the economic development commission, Guerrettaz said.
He explained that a local bank is expected to be named as a trustee of the funds and money will be dispersed from that financial institution.
In a TIF district, revenue from tax assessments on new development within the district is captured for use within the district on infrastructure and similar projects. To raise a large amount of up-front money, bonds may be issued and re-paid with future tax revenue.
Establishing 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 at the ethanol production site currently under construction southwest of Portland.
The TIF includes 191 acres surrounding the site.
The county plans to benefit from the TIF as well to help with costs of constructing a sanitary sewer line to correct a sewage problem in the nearby Foxfire home addition, north of the Premier site.[[In-content Ad]]
The city commission must approve of the project that lies within its two-mile zoning jurisdiction and did so during a meeting Thursday afternoon.
During a public hearing for the establishment of a tax increment financing (TIF) district for the Premier Ethanol site southwest of Portland, entities that may be affected by the move were encouraged to ask questions.
Rosalie Clamme, director of the Jay County Public Library, was the only member of the audience and said she had no questions.
As commission members Carl Walker, Dan Watson, Todd Wickey, Brad Burkett and president Faron Parr move through the process of establishing the TIF, they adopted a resolution confirming the declaratory resolution.
Jay-Portland Building administrator, Bill Milligan, questioned the commission about the need for the Portland City Council to approve the economic development plan and consulting attorney, Sue Beesley of Bingham-McHale, Indianapolis, assured him that the commission needs only planning commission approval from the city.
"The reason we needed their approval," Beesley said, "was because of the two-mile jurisdiction."
"We've gone too far to let this stray," Milligan said about the process and his concerns.
The next move for the commission is for county commissioners to establish an economic development commission, which is expected to be done at Monday's meeting.
That commission, which may include council and commissioner representatives, is expected to oversee the county's economic development plan for as long as the TIF is in place, county auditor Freda Corwin said.
Greg Guerrettaz, financial consultant with FSG, Indianapolis, was questioned about what entity would be distributing the money when bonds are issued to raise money for expected infrastructure projects within the TIF district.
The entity issuing the bonds will be the economic development commission, Guerrettaz said.
He explained that a local bank is expected to be named as a trustee of the funds and money will be dispersed from that financial institution.
In a TIF district, revenue from tax assessments on new development within the district is captured for use within the district on infrastructure and similar projects. To raise a large amount of up-front money, bonds may be issued and re-paid with future tax revenue.
Establishing 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 at the ethanol production site currently under construction southwest of Portland.
The TIF includes 191 acres surrounding the site.
The county plans to benefit from the TIF as well to help with costs of constructing a sanitary sewer line to correct a sewage problem in the nearby Foxfire home addition, north of the Premier site.[[In-content Ad]]
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