Beddford RDC - Stonegate Arts & Education to be paid off October 20th instead of 2037
BEDFORD - SEPTEMBER 11, 2023 - The Bedford Redevelopment Commission voted to payoff the Stonegate & Arts Education building with the recommendation from the Redevelopment Authority. The facility will be paid off by October 20th.
Photo: The Stonegate Arts &Education Building will be paid off on September 30th
This will be a savings of $700,000 to the taxpayers of the city. The lease and the USDA loan began in 2018.
The payoff for the loan is $2.8 million and the RDC is wanting the savings be used for other projects.
Workforce Development is expected to move into the facility after Oakland City left and no longer using the facility. Oakland City used the facility for free for a period of 10 years in an agreement to move to the new facility.
Ivy Tech, Vincennes University and GM use the facilty for education and skilled labor training.
Tax Incremental Financing was used for projects throughout Bedford including this project.
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