July 23, 2014 at 2:10 p.m.
Sale of bonds moves ahead (01/16/07)
Portland Redevelopment Commissions
By By JENNIFER TARTER-
Commission members moved forward with the sale of bonds for the Industrial Park Drive project Monday afternoon.
Portland Redevelopment Commission member Joe Johnston, Mike Simons, Lola Joy and Randy Wehrly voted to select the Bank of New York Trust of Indianapolis as the paying agent for the sale of bonds. A paying agent makes payments on the bonds to the bond holders, Sue Beesley, attorney with Indianapolis law firm Bingham McHale LLP explained after Monday's meeting.
The commission will issue bonds, then repay the funds through increased assessed valuation generated in the Tax Increment Financing (TIF) District.
Taxes on new development within the district, which includes the Wal-Mart Supercenter and several industrial sites on Portland north/northwest side, will go to the redevelopment commission.
To generate a large amount of money for projects upfront, bonds can be issued against expected future revenue.
Commission members meet to issue the sale of bonds for the project on Monday, Feb. 5 at 4 p.m.
In December, commission members awarded the project to LICA Construction Corp., of Linn Grove with a bid of $1,297,564. The three-phase project, which will widen Industrial Park Drive to three lanes and relocate a lift station to the east side of the street, is expected to take six months to complete. It is tentatively set to start in February.
Also Monday, commission members voted to retain the current officers. Bob Quadrozzi will continue as president, Lola Joy as vice president and Mike Simons as secretary. Quadrozzi was not in attendance Monday.[[In-content Ad]]
Portland Redevelopment Commission member Joe Johnston, Mike Simons, Lola Joy and Randy Wehrly voted to select the Bank of New York Trust of Indianapolis as the paying agent for the sale of bonds. A paying agent makes payments on the bonds to the bond holders, Sue Beesley, attorney with Indianapolis law firm Bingham McHale LLP explained after Monday's meeting.
The commission will issue bonds, then repay the funds through increased assessed valuation generated in the Tax Increment Financing (TIF) District.
Taxes on new development within the district, which includes the Wal-Mart Supercenter and several industrial sites on Portland north/northwest side, will go to the redevelopment commission.
To generate a large amount of money for projects upfront, bonds can be issued against expected future revenue.
Commission members meet to issue the sale of bonds for the project on Monday, Feb. 5 at 4 p.m.
In December, commission members awarded the project to LICA Construction Corp., of Linn Grove with a bid of $1,297,564. The three-phase project, which will widen Industrial Park Drive to three lanes and relocate a lift station to the east side of the street, is expected to take six months to complete. It is tentatively set to start in February.
Also Monday, commission members voted to retain the current officers. Bob Quadrozzi will continue as president, Lola Joy as vice president and Mike Simons as secretary. Quadrozzi was not in attendance Monday.[[In-content Ad]]
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