Today the Warsaw Redevelopment Commission passed Resolution 2015-04-03 at a special meeting.

The resolution would authorize the city to execute a lease for the Warsaw Central Development Area – the TIF District that encompasses parts of Buffalo Street, Canal Street and Fort Wayne Street. The terms of the lease are not to exceed 25 years and the annual lease rate $220,000, payable in semi-annual installments. It also extends the life of the TIF District to 2039.

Umbaugh and Associates prepared a illustrative cost and funding projection. Their calculations indicate the projected costs would be $2,745,000. The resolution authorizes the issuance of bonds, which would be of no burden to tax payers.

The resolution passed unanimously. It will go before the Warsaw Common Council at a meeting tonight at 7 p.m.

Also at the meeting, two claims were passed. Both pertained to development work on Mariners Drive, totaling $16,655. A transfer request was also approved.

The next meeting of the Warsaw Redevelopment Commission is at 10 a.m. Monday, May 4.