Continuously serving Kosciusko County since 1854
Warsaw Redevelopment Commission members approved tax increment finance payments to Lake City Bank and Medtronic Sofamor-Danek Monday.
The funds paid LCB, $126,567.50, will go toward the downtown TIF district bond.
The bond, established in 1991 at the time of construction of the Zimmer building on Fort Wayne Street, is the only obligation for improvements to the Central Park area. Three years remain on the life of the bond.
In 2000, economic development bonds were issued to Medtronic Sofamor-Danek. They paid for infrastructure improvements to their new facility at U.S. 30 and CR 150W. The city collects the company's property taxes and returns the funds to Sofamor-Danek to pay for the bonds.
Yesterday's payment of $46,780 was part of a $105,800 payment due in August 2003. In February, another $105,000 will go to the company.
In other business, the board:
• Heard from Jeff Noffsinger, Warsaw's city planner, that specifications to lease the former Gatke property are under development.
• Approved bond fees of $500 to Source One Insurance to cover each member with a $15,000 bond.
• Kept the offices of president and secretary the same as last year: Charlie Smith, president, and Tammy Rockey, secretary. John Elliott was selected as vice president.
Redevelopment commission members are Neal Carlson, John Elliott, Jerome Kralis, Tammy Rockey and Charlie Smith. Kralis was absent.
The next meeting is Feb. 2 at noon.
