2008-09-02

Call to Order
   1) Roll Call—Mr. Stenner, Mr. Souza, Mr. Leinhoop, Mr. Van Horn, Tom Vujovich
        Absent: Steve Champion
        Guest: Jim Clouse, Paul Minnis, Bruce Donaldson, Terry Coriden, Mike Clayton, Courtney, Ted Dawson, Tim Coriden
Action Items
   2) Tax Abatement
        a. CAPCO & Itsuwa-- We have a joint project that is expanding in the TIF area just off Indianapolis Rd. within the industrial area. Existing business CapCo. is applying for property tax abatement. Expanding there facility by 12,600 square feet totaling 1.5 million dollars. There is no increase in jobs with this expansion. They will be leasing it to one of there suppliers known as Itsuwa who are coming to the Columbus area. They will be investing 2 million in manufacturing paint system. This will produce 8 positions by themselves and 200,000 dollars. They will be filing two different tax abatements yet it is all one project. With the new legislation the Redevelopment Commission does not play a role in reviewing tax abatement request but the City
         b. Council has requested that we continue to review those tax abatement request in the TIF areas and provide an opinion to them in making a decision on those request. The opinion wanted is whether or not it would have an adversity effect on the intentions of using the money. Fewer dollars = adverse effect.
              i. Motion made by Mr. Souza to send a recommendation to the City Council that we favor the abatement. Seconded by Mr. Stenner. Motion granted.
   3) Public Hearing on issuance of bonds- The public notification was advertised 10 days ago. This resolution to authorize the issuance of bonds in the amount not to exceed 1 million dollars. The proceeds going to the project of the new parking garage downtown. This is a $1 million bond issue for the parking garage term not exceeds 20 years which is mandated by state law. Payable from property tax on the redevelopment district which is the same boundaries as the city. Approaching it as a public bid in its entirety. From the financial stand point we would be looking at an 82,000 annual dept service based on current investment interest rate. This will result in a potential $1 per year for the average homeowner with a $100,000 home. The rate used would be an estimated 5.15%.
   4) Resolution to issue Bonds—Motion to approve the resolution as presented made by Mr. Souza and seconded by Mr. Leinhoop. Motion adopted.
Discussion Items
   5) None at this time
Information Items

   6) None at this time
Board Comments

   7) None at this time

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