The board discussed reinvestment possibilities. Pictured, from left, are Warsaw City Planner Jeremy Skinner, President Tim Meyer, Rick Snodgrass, Jeff Grose and George Clemens.

WARSAW — The Warsaw Redevelopment Commission approved the reinvestment of funds at the Sept. 11 meeting.

Roughly two years ago, $2 million of allocated Northern TIF funds were invested into CDs. One of those CDs, worth $1 million, will mature on Sept. 18 and the other on Dec. 18.

City Planner Jeremy Skinner brought before the board the necessary decision of whether or not to reinvest that $1 million. Skinner stated that he felt comfortable reinvesting the CD maturing on Sept. 18 for at least a 12-month period. He will review the city’s need for the CD maturing on Dec. 18, worth a total of $3.827 million with $1 million allocated to the Northern TIF.

The board, unable to see available interest rates on given investment terms, gave Skinner and city clerk-treasurer Lynne Christiansen permission to make a decision in the best interest of the county. The board agreed on not exceeding a 24-month term.

The board also approved a contract from Umbaugh & Associates for professional services in regards to completing a fiscal plan for the airport industrial park annexation and to assist with the expansion of the Northern and Eastern TIF districts. The board also discussed a letter of engagement from Barnes & Thornburg regarding the same subject.

Board member Rick Snodgrass was hesitant to approve the Barnes & Thornburg letter of engagement as an hourly rate sheet had not been supplied and Skinner planned to email it to the board.

“I don’t want to get into another email scandal,” Snodgrass commented, referencing a complaint that had been made against Warsaw Board of Works for approving matters by email.

Skinner assured Snodgrass that the board, by approving the engagement letter, was approving the matter subject to the hourly rates being supplied. It was agreed that the matter was being approved properly.

In other business:

• Skinner provided the board with a letter regarding Meijer’s tax settlement. The business had been disputing its property and tax assessment since going in to business in 2013. An assessment deduction of $1,593,700 was approved. The company has overpaid taxes to the amount of $102,187.61, or roughly an $25,000 per year.
• Warsaw Technology Park brought in more revenue than anticipated. Because of this additional funds, the board approved an additional $200,000 be added to capital outlays of the 2018 budget.