County looks at funding options

County officials have multiple avenues for funding projects.

They looked at a few of those options Monday.

Jay County Commissioners heard about possible financing options for projects on their new capital improvement plan. One Jay County Council member, Randy May, was also present for the meeting that was scheduled as a joint session of commissioners and council.

The plan approved Aug. 14 lists seven projects the county would like to work toward completing. They include: creating an initial loop for broadband, or approximately 233 miles of fiber internet, for $10 million with Mainstream Fiber (the county’s match would be $2 million); adding a new garage extension to Jay County Highway Department for $2.2 million; building a new facility for Jay County Solid Waste Management District for $1.6 million; constructing a public safety building for use by Jay Emergency Medical Service, Jay County Health Department and Jay County Coroner’s Office for $3 million; planning development of the 68 acres owned by the county within western Portland city limits along Indiana 67 for $200,000; purchasing new body cameras for law enforcement for $102,000; and investing in new radios for Jay Emergency Medical Service and Jay County Sheriff’s Office for $475,000. 

Jason Semler of accounting and consulting firm Baker Tilly shared information about possibly utilizing funding from Jay County’s Tax Increment Financing (TIF) district, economic development income tax (EDIT) dollars and economic development payments from prospective solar farms, such as setting up bonds to be payable from one of those sources.

Semler noted there are about 13 years remaining on the current TIF district. It generates about $584,000 annually.

The county receives approximately $636,000 in EDIT dollars annually, with about $216,00 of that amount already allocated.

The three solar farms on the horizon — Sun Chief Solar, Rose Gold Solar and Skycrest Solar — will make economic development payments totaling $5 million by 2031, according to agreements signed with officials. (Sun Chief Solar will pay $1.3 million, Rose Gold Solar will pay $1.95 million and Skycrest Solar will pay $1.75 million. All payments will be divided over a four-year period from the facility’s first day of operation.)

Per Baker Tilly’s estimates, commissioners could set up bonds totaling $4.59 million with the TIF district for 13 years, generating about $3.925 million net proceeds; they could set up 10-, 15- or 20-year bonds — $1.755 million, $2.375 million or $2.815 million, respectively — with EDIT dollars, netting $1.585 million, $2.2 million or $2.67 million, respectively; or they could utilize economic development payments with an eight-year bond of $2.565 million, netting approximately $2.64 million.

Commissioner Brian McGalliard pointed out the county also has about 300 acres of farm ground and about $2.7 million in American Rescue Plan Act funds available. He noted ongoing regional workshops for the Regional Economic Acceleration and Development Initiative (READI) 2.0, another potential funding source. (Approximately $500 million was allocated for the first round of READI, with the same amount expected for READI 2.0. The East Central Region, which covers eight counties including Jay, received $15 million.)

McGalliard suggested the county could set up another TIF district, with Semler pointing out the process would include approval from the redevelopment commission.

Bill Walters of East Central Indiana Regional Planning and Nate Kimball, the new community development coordinator for Jay County employed by Walter’s organization, noted they’ll begin looking into grants that would be available for projects on the capital improvement plan.

American Rescue Plan Act funding must be allocated by the end of 2024. Commissioner Rex Journay asked if that timeline would align with potential grants, and Walters noted commissioners should have answers by the end of April.

Jay County Sheriff Ray Newton also asked county officials to make replacing the sheriff’s office radios a priority, noting he’ll probably make a formal funding request soon. He has been in discussion with Motorola about radios — several employees at the sheriff’s office had a meeting with the company last week — and explained the current radios are failing. It may take up to nine months for the radios to arrive once purchased, he added.

“We need to do something and we need to do it quick,” he said.