HomeMy WebLinkAboutMarch 4, 2024 Council Minutes COMMON COUNCIL OF THE CITY
JEFFERSONVILLE, INDIANA
March 4, 2024
Regular Meeting Minutes
The Common Council of the City of Jeffersonville, Indiana met for the Regular Meeting on February 20, 2024.
Council President White along with City Clerk Gill called the meeting to order at 6:02 p.m. The meeting was
open to the public in person as well as live streamed via the City Website using Zoom.
INVOCATION:
Moment of silence
Pledge of Allegiance:
ROLL CALL:
The roll call was conducted by City Clerk Lisa Gill and present in Council Chambers were Council President
White, Councilperson Burns, Councilperson Semones, Councilperson Anderson, Councilperson Reed,
Councilperson Webb, Council Vice President Hawkins, Councilperson Snelling, and Councilperson Stoner. Let
the record reflect that all 9 Council Members were present in Council Chambers.
APROVAL OF MEMORANDUM of EXECUTIVE SESSION
Councilperson Burns made a motion to approve the Memorandum of Executive Session held on February 20,
2024, seconded by Councilperson Semones; motion passed, 9-0.
APROVAL OF MINUTES:
Council President White asked if the Master Fund Policy was passed by the Board of Public Works at the
February 20, 2024 meeting during Councilperson Burns comments. Mrs. Metcalf advised yes. Council President
White advised, (so we are not bound by it), needs to be added to the minutes. Council President White made
a motion to amend the February 20, 2024 minutes to add at the end of Councilperson Burns comments, (so we
are not bound by it)to clarify the question made by himself during Councilperson Burns comments, seconded
by Councilperson Stoner; motion passed, 9-0.
Councilperson Stoner made a motion to approve Minutes for February 20, 2024 as amended, seconded by
Councilperson Snelling; motion passed, 9-0.
APPROVAL OF THE AGENDA:
Councilperson Burns made a motion to approve the Agenda, seconded by Councilperson Snelling; motion
passed, 9-0.
CLAIMS TO APPROVE:
Civil City$3,610,408.17
Mrs. Metcalf stated the Civil City Claims were$3,610,408.17.
Councilperson Anderson made a motion to approve Civil City Claims, seconded by Councilperson Burns; motion
passed, 9-0.
Parks$46,489.45
Mrs. Metcalf stated the Parks Claims were$46,489.45.
Councilperson Semones made a motion to approve the Parks Claims, seconded by Councilperson Reed; motion
passed, 9-0.
REPORT OF THE CLERK:
Clerk Gill advised there would be extra signatures required on the Tax Abatement and Resolutions by Council
Vice President Hawkins and Council President White and to please make sure those are signed.
UNFINISHED BUSINESS:
1. Heather Metcalf 2024-OR-16 Ordinance of Additional Appropriation (Public Hearing)
Council President White advised this Ordinance was for the Animal Shelter medical supplies. Mrs.
Metcalf advised there were no changes from the last meeting. Council President White opened the
Public Hearing at 6:08 PM, no one was present in the Council Chambers to comment for or against
the matter. Council President White closed the Public Hearing at 6:08 pm.
Councilperson Reed made a motion to approve 2024-OR-16 on the Third and Final Reading,
seconded by Councilperson Stoner; motion passed, 9-0.
2. Heather Metcalf 2024-OR-17 Ordinance of Additional Appropriation (Public Hearing)
Council President White advised this Ordinance was for Fire vehicles. Mrs. Metcalf advised there were
no changes from last meeting. Council President White advised this was money from a trade in that
needed to be appropriated, Mrs. Metcalf advised,yes. Council President White opened the Public
Hearing at 6:09 PM, no one was present in the Council Chambers to comment for or against the
matter. Council President White closed the Public Hearing at 6:09 pm.
Councilperson Semones made a motion to approve 2024-OR-17 on the Third and Final Reading;
seconded by Councilperson Burns, motion passed, 9-0.
NEW BUSINESS:
1. Les Merkley 2024-R-2 Resolution Approving Statement of Benefits for Proposed Personal Property Tax
Abatement (MKS Vision Group, Inc.)
Mr. Merkley,Jeffersonville City Attorney advised this Abatement would be for MKS Vision Group, Inc.
for operation including manufacturing equipment and their location at 2550 Centennial Blvd in
Jeffersonville.This comes with a favorable recommendation from the Redevelopment Commission.
John Launius, Vice President of Economic Development for 1si advised MKS Vision Group, MKS Global,
an Engineering Services and Technology company was founded in 2017 by several executives from GE
that went out on their own. Since starting their endeavor, they have had much success, even through
Covid. They began to do internal prototyping to take their design to actual porotype. They innovate
alongside a number of partners in the Aerospace, Automobile, Healthcare and other innovative oriented
companies. They currently have sixteen (16) employees and would like to raise that to forty(40) with
an average pay of forty-five (45.52) per hour,far outpacing the current Clark County average wage. The
capital investment anticipated would be just shy of three (3) million dollars. The eligible personal
property investment would be 1.85 million. The Abatement request before the Council would be over
five (5)years in the amount of$59,096.00. The Indiana Economic Development Corporation has also
authorized preliminary approval for State level incentives as well which would be activated upon
approval at the local level. Bill Moon with MKS Vision Group advised they were founded as a design and
development company,they innovate products and engineer those products and now they engineer the
products to be manufactured in the United States. They did not start out that way, prototyping has led
them into manufacturing. What they are planning to do in Indiana would be to put in place the
manufacturing facility. They have had a lot of success in the water filtration industry, aerospace
maintenance industry and various consumer products. Mr. Moon welcomes anyone who would like to
come and tour their facility. Mr. Launius advised that MKS Vision did participate in the Impact Scorecard
and scored 120, which put them in the top Abatement category. Councilperson Stoner asked what the
1.85 million number was for. Mr. Moon advised it would be for growth and equipment for
manufacturing. A question was asked, will there only be forty(40) new employees. Mr. Moon advised
he would hope to add more than forty (40), however, there will be a process. The way the projects
evolve,funding has to be secure for the projects,then the engineering, then the launching of the
product which has to have production lines and production lines require equipment, and they require
skilled trades on most levels. The hiring over the next few years will be over multiple projects.
Councilperson Reed asked if Mr. Moon could tell the Council of any environmental impact this
manufacturing might have on the community. Mr. Moon advised they manufacture mostly in the metal
fabrication assembly business, nothing would be done with emissions or outputs. One of the major
products that they have today would be an electrical vehicle charging and water filtration, so he advised
at the micro level their products have an environmental positive impact. Councilperson Reed also asked
if they would be looking locally for employees. Mr. Moon advised yes, their company would like to
partner with the schools in Indiana to develop a STEM program for training. Councilperson Stoner
asked if the Impact Score was something needed by State Statue or recommended by the City of
Jeffersonville. Council Vice President Hawkins advised that was something the previous council worked
with isi to come up with. Councilperson Semones thanked Mr. Moon for his information on the Impact
Score, it cleared up one of her questions. She asked Mr. Moon to give some examples of what his
company would be doing to benefit the community outside of employment. Mr. Moon advised their
company has been in Louisville for five (5) years now and they have participated with Norton's Children
Hospital, Best Buddies program, Ronald McDonald House, Veterans homeless shelter, volunteered in
veteran's organizations. He and the co-owners are big believers in giving back to society. Councilperson
Stoner asked if this followed the Abatement Schedule exhibit. Mr. Launius advised yes. Council Vice
President Hawkins made a motion to approve 2024-R-2 but then rescinded his motion due to more
questions being asked. Councilperson Semones asked where the ten percent (10) annual benefits of the
Abatement to the Jeffersonville City Council go. Mrs. Metcalf advised it goes in the Abatement Fund.
Councilperson Semones also asked who monitored the compliance with the agreement over the life of
abatement. Council President White advised Redevelopment.
Council Vice President Hawkins made a motion to approve 2024-R-2, seconded by Councilperson Burns;
motion passed, 9-0.
2. Les Merkley 2024-R-3 Resolution Authorizing the Issuance of Redevelopment Bonds (Charlestown
Pike Project)
Mr. Merkley advised the Council there were two (2) different Resolutions options to choose from for
the Charlestown Pike Widening Project. Redevelopment would be prepared to bid on this job this
week. The Redevelopment Commission plans on using TIF Bonds that are paid from the tax increment
financing districts, however to proceed with the bonds, the City Council has to sign off on one of the
Resolutions. Mr. Merkley presented the Council with two (2) options to choose from. The first one,TIF
SBT, a bond resolution that would include a property tax backup. The second one would be a pure TIF
Bond with no property tax backup. The difference between the two (2) Resolutions was significant in
the regards of the dollar amount of the bonds. The bond with the tax backup would be eighteen (18)
million, the bond without the property tax backup would be thirty (30) million. Mr. Merkley
introduced Brian Colton and Sam Schrader from Baker Tilly, financial consultants for the City of
Jeffersonville whom will explain the differences between the two (2) different Resolutions. Mr.
Schrader handed out a two (2) page side by side comparison and a graph, Mr. Colton explained the
hand out to the Council so they could better understand how each Resolution works (see attached).
Column one has the scenario with the property tax backup, column two is the pure TIF with no
property tax backup. Mr. Colton explained what was being estimated currently would be about an
eighteen (18) million dollar bond with the property tax backup route verses about a 26.3 million
issuance if it was a pure TIF issue based upon current estimates. That is what would be issued when
the bonds are closed. Another significant change would be what would actually be paid on debt
services. For scenario one it would be about$20 million,just shy of that based upon estimates versus
nearly$31 million in debt service payments. On the pure TIF scenario,there would be some cash used
for the project that has not been used in the past, not bonding the entire project. It would be about
$5.8 million for scenario one and $5 million for scenario two. The next sections refer to the debt limit,
if a property tax that would be used behind a bond issue, there are limitations based on state statue.
There is a Redevelopment district debt limit and a city debt limit, they are separate, same number, but
each has their own independent debt limit. The City has not used any of the debt limit from either
scenario. Lease financings do not count against the debt limit. Under this project they could bond in
an amount that would be short of that debt limit, so the project would not have to be leased,which
actually provides additional savings. If a lease was chosen, they could not start making lease payments
until the project was completed, so there would be capitalized interest during that period of time,
which would be an increased cost. That is not the case for this scenario. It does use up most of the
Redevelopment district debt limit under the first scenario. But as he mentioned, the budget limit has
not been being used. Leasing is a very viable option. If something came along that you had to do
something with the property tax backup down the road, it does preserve the entire city debt limit. He
does not look for that to be a concern or an issue. For full disclosure, another significate difference in
the two models would be the debt reserve. Anytime a bond is issued that has TIF as the source of
payment, with or without the property tax backup,the market would expect there to be a debt service
reserve, which is typically equal to the max debt service payment for that bond issue in the event that
a TIF draw is short. TIF money comes in June and December to make the August and February
payments. If in June,there is not enough TIF money,there would not be enough time to put a
property tax in place to get the money needed. The debt service reserve would be used to make those
payments until more TIF dollars come in or until a property tax could be put in place the following year.
Under the scenario with the property tax backup, it can be funded with what would be called a debt
service reserve surety, where basically a small payment is made. When the bond is closed, it would be
estimated at $265,000.00. The full debt service is not being set aside, it would be buying a surety, a
bond at that point and time, paying a premium to have what would be equivalent to a debt service
reserve. Setting aside under the pure TIF scenario is not really an option. There would have to be
about$7.6 million into a reserve fund when closing on the bond. On the pure TIF scenario, that's just
another comparison. With going the route with the property tax backup, you can simply pledge the
Inner City Road TIF area to it and that would still provide about 178%coverage. To do the TIF only
scenario, you would need to bring in another TIF area to help fund that project. The Inner City Road
TIF area, which gets the coverage down to just north of 150%. You don't want to go below the 150%
coverage level, so you need to bring in TIF dollars from the Falls Landing TIF area as well to help fund
that project. Under the pure TIF,you are really obligating two (2) of the TIF areas,which means you
cannot use those monies for something else. Whereas on the property tax backup scenario, it's there
in new City Road and you're fully leaving the Falls Landing area there for other projects such as pay as
you go or another bond issue. The second page shows a comparison of the debt service payments.
The blue portion is scenario one. Those are quite a bit less, starting out about $2.3 million for this year
and then rising to about$5.3 million and then dropping down. The reason for the rise and fall would
be because the Inner City Road TIF area starts to have the largest portion of it fall off in 2026. The
largest piece of it does start to go away because it's an older TIF area. From that point forward, it's
more recent areas that are out there. That's why you need to see that's atypical for most bond users.
But that's utilizing the revenue stream that you have. Mr. Colton advised this is very common. A lot of
bond issues done, specifically in scenarios where it's an infrastructure type project, public project,the
property tax backup helps you from a marketing perspective, helps from a rating perspective, which
then gives you the higher rating, the better interest rates, more people look at those bonds. That's
what the property tax backup does. Councilperson Stoner asked Mr. Colton if they had helped with
the 10th Street project. Mr. Colton advised yes. Inner City Road was used for that one and expires in
2026. Council Vice President Hawkins advised that he had questions about the property tax backup,
was addressed in Redevelopment, after the scenarios given, he is 100%for the property tax backup.
The likelihood of the property tax backup having to be used is very low, not saying it cannot happen,
but most likely not. Mr. Colton advised when he talks about coverage, if he says 178%, that's a dollar
78 of revenue for every dollar debt payment, so that whole 78 cents has to go away before getting into
that conversation. Councilperson Semones asked if that's true when the TIF falls off. She advised that
to her understanding the Inner City Road TIF was already committed to a previous project and part
would be available for coverage here. The debt service payments are structured such that when the
biggest part of the TIF falls off, the payments are lowered, you advised at that point income as it would
be, assuming no growth would be 3.4 million. It looks like the payments would be about 2.6 to 2.8
million. Mr. Colton advised yes. It's actually 300%this year, 240% next year and then about 178%for
the life of it. It has been structured around other debt, then that revenue drops off. Councilperson
Semones asked,the bill in 2027 will be 2.6 million,the revenue 3.4 million. Mr. Colton advised it would
be if the Council goes with the property tax backup, it would be 1.5 million for the bill. Council
President White asked what the process is to get the bond. Mr. Colton advised they start with the
legal process,this can be done either as a competitive or negotiated bond issue. Put together the
offering document that will go to the rating agency(Standing Reports),that takes about 4 weeks,they
will come back with the bond rating, which should be about the same which is double A category. Once
the legal part is complete,then it will go to market for a sale and an official statement will go out.
Most things are done electronically. It will be sent out to potential bond buyers around April 16, 2024.
The lowest interest provided would be the one chosen. Two (2)weeks after that,the bond will close,
funds will be in hand at that point and the project can be paid for. Councilperson Stoner requested a
roll call vote.
Council Vice President Hawkins made a motion to approve 2024-R-3 with the Property Tax Backup
Plan, seconded by Councilperson Burns; roll call:
Councilperson Burns—Y
Councilperson Semones—Y
Councilperson Anderson—Y
Councilperson Reed—Y
Council President White—Y
Councilperson Webb—Y
Council Vice President Hawkins—Y
Councilperson Snelling—Y
Councilperson Stoner—Y, motion passed, 9-0.
3. Les Merkley 2024-R-4 Resolution Approving Interlocal Agreement Between Redevelopment,Common
Council and Greater Clark School Corporation
Mr. Merkley advised at the last Redevelopment Commission meeting,the Redevelopment Commission
committed $1 million of TIF dollars to go to the Greater Clark County School Corporation, specifically to
be used for construction of the new Natatorium at Jeffersonville High School.This would require an
Interlocal Agreement, which has been done in the past. The Commission approved the Resolution. If
approved by Council,this would go to the school board for its approval, then the$1 million can be paid
to the school corporation. Mr. Laughner, GCCS Superintendent advised a new natatorium would be
built where the older tennis courts sit at the end of the football field. It will be a little over 70,000
square feet facility. It will have a 50 meter stretch heated pool, 10 lanes, 2 bulkheads in the middle,
competition could be going on at each end and still have 4 lanes to warm up. There will also be a zero
entry therapy pool, which is something the local area does not have. There will be seven locker rooms,
track and field, soccer, smaller locker rooms for those groups, 1 large football locker room in the facility,
concession stand and seating capacity will be for over 1000 spectators. There could potentially be
hosting of sectionals, USA swimming events. There has been small universities such as Hanover,
Bellarmine, etc.to inquire about using the new facility. Not only is this facility for the students, but for
the community and economic growth of the city. Councilperson Reed asked if this would an option for
the older residents and to explain what the zero entry pool is. Mr. Laughner advised, yes. The zero
entry pool has a ramp leading into the pool so if anyone was in a wheelchair,they can be taken into the
water. Some rehab facilities use water therapy. Hospitals and physical therapy companies could
partner with this facility. Councilperson Stoner advised through the Parks Department a survey was
done and residents say they would like to see more aquatic attractions. Thank you for including the
community in this project. Mr. Laughner advised he would like to see every first and seconded grader
that want to learn to swim will have that opportunity. Councilperson Reed expressed her excitement
over the economic impact this project could have over the 10th street are. Councilperson Stoner asked
Mr. Laughner if there would be a lifeguard on staff when the pool is open, he advised yes, there is a
ratio that has to be followed in that regard. Mr. Laughner advised that a gentleman came to speak to
him regarding the University of Louisville is not able to host the ACCA tournament due to their seating
capacity. The new facility could hold them, the only thing it will not have is platform diving.
Councilperson Reed asked if due to a lot of competition being at JHS facility, does that mean that the
Aquatic Center be open instead of closed on some weekends for competition swim. Mr. Laughner
advised that would be a good question for the Parks director, that would be exciting as well. Council
Vice President Hawkins pointed out several economic points and strategies along with benefits for
students, parents, businesses and a triple effect this project will have on JHS. Council Vice President
Hawkins requested a roll call vote.
Councilperson Reed made a motion to approve 2024-R-4, seconded by Councilperson Stoner; roll call:
Councilperson Burns—Y
Councilperson Semones—Y
Councilperson Anderson—Y
Councilperson Reed—Y
Council President White—Y
Councilperson Webb—Y
Council Vice President Hawkins—Abstain
Councilperson Snelling—Y
Councilperson Stoner—Y, motion passed, 8-0-1.
4. Heather Metcalf 2024-OR-18 Ordinance of Transfer of Funds Within the Same Department
Council President White advised this Ordinance was a transfer of funds within the same department.
Mrs. Metcalf advised the first one was for Council for new pictures and apparel. The next one was for
Police Merit Board. Council President White advised the Council transfer will come from the Cumulative
Capital Fund-Special Projects to other supplies. JPD Chief Kavanaugh advised this transfer was for
promotional testing that would take place within the department in late May of this year. Major Parker
advised yes,this was for testing materials.
Council Vice President Hawkins made a motion to approve 2024-OR-18 on the First and Second
Reading, seconded by Councilperson Burns; motion passed, 9-0.
ATTORNEY COMMENTS:
Larry Wilder-Sorry for being late.
Les Merkley-No Comment
DEPARTMENT HEADS:
No Comments
PUBLIC COMMENTS:
Shawn Demeter-837 Walnut Street,Jeffersonville, IN 47130
Mr. Demeter voiced many concerns regarding a lot of issue with his neighbor and possible drug deals.
He has had to call the police multiple times over the past two and a half year, which they all have been
wonderful and kept him informed. He has contacted the landlord for the property next to him, but
nothing has been done. He would like to see landlords held accountable for the property and tenants
that they rent these properties to. He asked the Council if there is a law in the books, Indiana or local
Ordinance to hold landlords accountable for the actions of their tenants along with any business in
Jeffersonville. Council President White asked Mr. Demeter if he would mind to give the name of the
landlord in question, Mr. Demeter advised, he would not give the name. Councilperson Stoner advised
that he plans to look into ways to address this issue. He also advised that there was a bipartisan Senate
bill that was under consideration that would offer municipality's teeth and actual enforcement
mechanisms to address negligent landlords. He is committed to working together with whatever City
Leaders to address this issue. He has not received a response back from the State Senator yet, but
hoping to get it passed quickly. Thank you to the speaker, Council and Law Enforcement. Councilperson
Semones advised Mr. Demeter that there is a law on the books, Indiana Code 32-36 and 32-38 to address
this issue.
Juanita Taylor-821 Walnut Street,Jeffersonville, IN 47130
Ms.Taylor advised she is having the same problems regarding Landlord not addressing their tenants and
the problems they are causing.She has had her property damaged by her neighbor's children,they
terrorize her dogs. She has spoken with the parents and the landlord and it just falls on deaf ears. She is
a homeowner and does not want her property destroyed.
Kaitlin Blessitt-Jeffersonville
Ms. Blessitt voiced her concerns regarding the Juneteenth concert from last year.She thanked the
Council for all of the discussion at the February 20,2024 meeting,she was not able to attend, but
listened on Vemio. Ms. Blessitt advised there was a comment made by Council President White that
stated in all of his time on the Council, he had never had such discussion on sponsorships. Ms. Blessitt
ask him what he meant by that. Council Attorney Larry Wilder advised Ms. Blessitt that like clients,the
rules do not provide for this to be an interrogation of the members. Ms. Blessitt advised she was not
trying to interrogate anyone that Council President White could answer or not answer. As far as the
Juneteenth concert,she was unable to attend but feels the tax payer's money should be spent on better
examples for the young people in this community.
COUNCIL COMMENTS:
• Councilperson Burns—Shout out to JPD and Captain Ron Todd for some great work last week with an
issue on Hamburg Pike.
• Councilperson Semones— Councilperson Semones thanked Heather Metcalf for continuing to
educate her in her new role. She thanked the public speakers and said it takes a lot of courage to
speak in this format and it is informative to her as a Council Member. She would much rather
listen to the public talk and would appreciate more public comments so they can keep the Council
abreast of the issues that were important in the community. Councilperson Semones thanked the
Council Member who had given her feedback on the issues that she has raised. She will be
requesting to be placed on the agenda soon regarding the contract for legal services for the City
Council Attorney and also for a proposed ordinance on rules for the City Council. If any of the
Council Members that have not provided feedback and would like to she encouraged them to do
so as she will incorporate the feedback in the proposed ordinance. Councilperson Semones
recognized the accomplishments of the meeting. The City will be upgrading roads, a new
employer will be coming to town, and the natatorium is going to be great for parents and students
as well as for other members of the community and the tourism dollars it will generate. Also as a
reminder, this weekend is daylight savings.
• Councilperson Anderson—No Comment
• Councilperson Reed—congratulations to Jeff High on their sectional win this past weekend and wish
them luck going forward, also if you haven't bought Girl Scout cookies, it's that time again. The local
food bank would love the donations.
• Councilperson Webb—No Comment
• Council Vice President Hawkins—The Charlestown Pike Road project will totally transform that end of
the City, the way it is now is not good. There will be hundreds of single family homes built in that area,
some already built,they are waiting on better roads, then there will be hundred's more. This used to
be call generational projects where things weren't done as quickly, now there have been three (3) in
six (6)years. Congratulations on the new pool, the sectional win and Jeff High also has a bowling team
that performed well at state and were ranked at the end of the year. Thanks to everyone and would
like to talk about Mr. Demeter's concern at a later date.
• Councilperson Snelling—No Comment
• Councilperson Stoner—Thanks to Chief Grant for sending over some preliminary information about
Station One. The animal shelter was at capacity level,just a reminder there is availability to foster
animals, walk dogs, plenty of opportunities to assist. Thank you to Sarah Green and the staff at the
shelter. Thank you to the speakers regarding landlords, he will be looking into that further. Just to
defend the Parks Department a little,there are many performers at the River Stage and not all of them
use bad language and when there is bad language it is muted out,they do not have bad language on
the River Stage, so it is appropriate. The Juneteenth concert was not just for a black audience, it was
for everyone.
• Council President White—Council President White asked Les Merkley how to go about getting the
Council Conference Room, Clerk Gill advised him to just let her know when and what time it is needed.
He advised that he has something that the City of Clarksville has done about landlords, it will get that
to each of the Council members so hopefully something can be done to hold the landlords
accountable. He advised as long as he is able to sit in one of the Council seats, he will push back
anyone who wants to try to silence the African American population that started back in the nineties.
This is America, you have the freedom to not listen to anything you don't want to, not to buy anything
you don't want to, etc. There was a lot of different people including children and no one had anything
bad to say. So anytime someone wants to throw shade on it, he will not tolerate it. Council President
White advised he was going to make a change to the Negotiation Committee. Thank you to Mr. Burns
for willing to serve, at this time he will be switched out with Councilperson Snelling. Councilperson
Burns asked what basis Council President White had for changing that. Council President White asked
him if he wanted him to go into that. Council Attorney Wilder advised he thought Council President
White was going to ask questions about this,that's why he did not mention it in Attorney comments.
Mr. Wilder read approved minutes from January 22, 2024 which stated that the discussion on the
Negotiation Committee was tabled and not voted on. Council President White advised, They would
leave it at that.
• ADJOURNMENT:
Councilperson Stoner made the motion to ADJOURN the meeting at 7:26 p.m.
APROVED BY: r~
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Dustin White, Council President ATTEST: Lisa Gill, Clerk
JEFFERSONVILLE - CHARLESTOWN PIKE ROAD PROJECT
Comparison of Scenarios
Scenario 1- TIF w/ Property
Tax Backup Scenario 2- TIF Only
Par Amount Issued $18,000,000 $26,340,000
Total Est. Debt Service Nearly $20 million Nearly $31 million
Est. Cash Contribution $5.8 million $4.98 million
Redevelopment District
Debt Limit Remaining $60,000 $18,060 000
City Debt Limit $18,060,000 $18,060,000
Debt Service Reserve Funding DSR Surety Bond proceeds and Cash
(Est. Cost) ($265,000) ($7.59 million)
TIF Areas Pledged InnerCity Road InnerCity Road and
Falls Landing
TIF Coverage- InnerCity Rd 178% 153%
TIF Coverage- Falls Landing 667% 287%
JEFFERSONVILLE - CHARLESTOWN PIKE ROAD PROJECT
Comparison of Debt Service Payments
$8,000,000
$7,000,000
$6,000,000
Estimated Total Debt Service
$5,000,000
$4,000,000 Scenario 1 : $19,964,453
Scenario 2: $30,963,387
$3,000,000 il
$2,000,000 dadad
$1,000,000
$0
2024 2025 2026 2027 2028 2029 2030 2031
• Scenario 1 - TIF with Property Tax Backup • Scenario 2 - TIF Only