WARSAW — The Kosciusko County Redevelopment Commission is not sure it wants to start issuing bonds for the new Co-Op TIF district — yet.
Chad Miner presented the resolution during the commission’s regular meeting Thursday, Aug. 13. The bonds would be for up to $900,000 at a rate of up to 6 percent for up to 25 years, through Umbaugh and Associates. Concern came up as to who would guarantee the bonds.
Miner said the TIF district is currently making enough tax revenue to cover the bonds, however, concerns were expressed over the fact that the Redevelopment Commission would be the one left to pay back the bonds, should something go wrong.
Members also felt they did not have enough information to make a decision. Miner said he would forward the latest TIF scenario and other pertinent details for their review.
In the end, a unanimous vote was taken to table the resolution so commission members can review the information and, if necessary, contact Umbaugh and Associates for further information.
The commission also looked over a letter pertaining to the river district and pointed out several paragraphs they felt needed re-wording for clarification. Revisions were suggested for one paragraph pertaining to Sunday sales. Commission members felt the initial wording gave the impression of wishing to attract liquor-related businesses specifically, when the idea, they said, is to crate business in general.
The next meeting is set for 1 p.m. Thursday, Sept. 10.