ANDERSON — In order to replenish the available cash on hand to fund future projects, the Anderson Redevelopment Commission has started the process of borrowing $3 million.
Bruce Donaldson, bond counsel with the Indianapolis firm of Barnes & Thornburg, said the bond would be issued for a maximum of 25 years.
Redevelopment Commission attorney Ann Marie Bauer said the bond is tied to all the capital projects undertaken over the past 18 months.
Those projects include work on 60th Street for the new Ivy Tech Community College, the roundabout at 60th street, the Jackson Street beautification project and improvements to 67th Street between Dr. Martin Luther King Jr. Boulevard and Ridgeview Road.
Greg Winkler, executive director of the Anderson Economic Development Department, said the bond will be for a maximum of $3 million over a maximum of 25 years.
The bond will be repaid from revenues generated by the Tax Increment Financing District (TIF), he said.
"It puts the $3 million back into the TIF Levy that can only be used for capital improvement projects involving public infrastructure," Winkler said. "With the $3.5 million bond for the Sirmax project, it will put $6.5 million into the cash reserves. We try to keep a high cash balance for future economic development projects."
The Redevelopment Commission has dedicated $2.1 million for the construction of a traffic circle at 59th Street and Scatterfield Road and $1.2 million for the Jackson Street beautification project.
The Redevelopment Commission provided $385,428 to the work on 67th Street, with the Indiana Department of Transportation providing $2 million. The project involves the construction of two lanes with acquisition of right-of-way to eventually expand to the street to four lanes.
The work is being done in three phases and will eventually extend to Main Street as funds become available.
The commission in 2014 approved $1.8 million for the improvements for the new Ivy Tech campus, including the widening of 60th Street from 20 to 24 feet.
Winkler said a 25-year bond would be good for taxpayers because it would allow funding for all capital improvement projects such as road and utility work.
“It would maximize our flexibility,” Winkler said. “We’re always looking at a multitude of projects.”