The Warsaw Redevelopment Commission approved a resolution pledging property taxes from the Sofamor Danek project to be used as payment of the industrial development bond issued by the Warsaw Economic Development Commission.

The project consists of an orthopedic hardware manufacturing and production facility at the northeast corner of the intersection of U.S. 30 and CR 150W.

"This is the next step in the process," city planner Jeff Noffsinger said. "a resolutional pledge increment generated from the project to pay off the bonds."

Randy Rompola, attorney from Baker & Daniels, was present at the meeting to discuss the resolution.

"What this resolution does is pledge the tax increment that will be generated from that site in repayment of the bond," Rompola said. "The tax increment is nothing more than an increase" in the amount of taxes generated by the property.

The Warsaw Redevelopment Commission pledged the Project Tax Increment revenues to the payment of the principal and interest on the bond for a period up to but not exceeding 20 years. The pledge will terminate when the final payment on the bond is made or when the 20-year period has ended.

The board said Sofamor Danek is free to use the money for infrastructure as they see fit.

In other business:

• Board members approved two claims: PES Associates for $895 and Valentine and Miner for $62.50.

• The board scheduled their next meeting for March 6 at noon in the Warsaw city building.

The Warsaw Redevelopment Commission consists of: Tammy Rockey, Neal Carlson, Bob Steele, Charlie Smith and Jerry Kralis. [[In-content Ad]]