Annual report to state approved

A report that is due to the state next month received its first approval.

Portland Redevelopment Commission approved its annual report during a special meeting Friday.

Consultant Ed Curtin of CWC Latitudes explained that for several years the state has required that redevelopment commissions — they administer the funds generated by tax increment financing (TIF) districts — submit an annual report to the state’s Department of Local Government Finance. The report includes the names of the redevelopment commission members, expenditures over the course of the year and parcels of land that are in the TIF district.

He noted that a new stipulation calls for the report to be presented to the fiscal body — Portland City Council — before being submitted to the state.

“It’s not anything unusual,” said Curtin. “It’s just one more thing that the state thinks we need to provide to them …”

The report shows that the city’s redevelopment commission had $999,107.04 on hand at the end of 2024.

The redevelopment commission spent $245,444.58 in 2024. Its largest expenditure was the second installment of $100,000 for the purchase of the Hood Building, home of The Commercial Review. (The Graphic Printing Company sold the building to the redevelopment commission in late 2023 for potential development, with annual payments of $100,000 over three years. The newspaper rents the basement and first floor.)

Other expenditures in 2024 included $39,800 for lights around the walking trail at Hudson Family Park and $10,500 for work on planters for the downtown area.

The redevelopment commission approved the report contingent on adding property information about the Hood Building. (It created a residential TIF district for the building in 2024 in anticipation of potential development.)

The report also led to a brief discussion about property values and taxes in general, with Johnston noting that many buildings saw their assessed values go down last year.

Thirty-two of the 115 parcels in the city’s TIF district saw declines, totaling $1.02 million. Parcels that went up had a combined increase in assessed value of $12.6 million.

 Curtin acknowledged that assessed value losses are an area of concern and that it might make sense to remove declining properties from the TIF district in order to protect the redevelopment commission’s revenue.

Declining property values are a concern for the city as a whole, Johnston said.

Inman agreed, bringing up the potential tax impact of Indiana Senate Bill 1. The measure addresses property taxes and is projected to result in less funding for units of local government.

The report will be presented to Portland City Council at its April 7 meeting and then submitted to Indiana Department of Local Government Finance.

The redevelopment commission also agreed to purchase new liners for downtown trash cans with the understanding that the expenditure will need to be funded through the city’s street department budget in the future. (The redevelopment commission provided funds to Portland Main Street Connect for the original purchase in 2020.)