BEDFORD - FEBRUARY 21, 2024 - The City of Bedford now has taken ownership of the Stonegate Arts and Education Center from the Bedford Redevelopment Commission after the lease has now been paid off.
The early payoff saved the taxpayers about $700,000 when the final payoff was made in October 2023.
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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Free-Holiness Church 11122 Indiana State Road 54 Cincinnati, Indiana
