Lawrence County RDC approves bond and spending resolutions for Mitchell Shell building
MITCHELL - OCTOBER 12, 2023 - The Lawrence County Redevelopment Commission approved a bond resolution and additional spending resolution for the construction of a shell building in the industrial park in Mitchell.
The bond will not exceed $8 million and the county will use Dunn Hospital funds of approximately $900,000 to make the interest payments.
GM Development Corporation have applied for the loan of approximately $7.1 million.
Lawrence County RDC will pay back the loan to GM Development Corp. once the building is sold to a company that will use the building.
The Lawrence County Redevelopment Commission has agreed to an Build Operate Transfer method to construct the shell building.
The Lawrence County Redevelopment Commission approved a resolution to move forward with a proposed $5.1 Million Shell building back in July, to be constructed in the Mitchell Industrial Park.
Photo: A proposed 50,000 sq. foot shell building will be constructed in the Mitchell Industrial Park
The location will be by the intersection of Doc Hamilton Boulevard and Merdian Road in Mitchell City limits.
Lisa Lee, Ice Miller presented to the Lawrence County RDC during a public hearing prior to the RDC on meeting on the proposed project for a Build, Operate, Transfer Model.
The project has been awarded to GM Development LLC. Corporation and Runnebohm Construction on the project by the Lawrence County RDC.
The building itself will be a total of 50,000 square feet metal fronted building on approximately 15 acres.
Heidi Amspaugh, Bakertilly Municipal Advisors was on hand on Thursday' to advise on how much the Lehigh TIF revenues will generate over time.
The revenue generated from the TIF districts will be more than enough to pay for this project.
TIF Revenue Generated in Lehigh TIF District listed below:
2023 - $182,810
2024 - $420,450
2025 - $0
2026 - $599,740
2027 - $1,442,740
2028 - $1,898,350
2029 - $2,176,00
2030 - $2,376,950
2031 - $2,424,890
2032 - $2,687,520
2033 - $3,106,650
2034 - $3,522,250
2035 - $3,931,250
Total TIF revenue $24,586,840 with the personal and real property the TIF revenue will generate about $29 million.
A public hearing will be held by the Lawrence County Redevelopment Commission and Lawrence County Commissioners on the bond proposal.
The public hearing notice is listed below:
NOTICE OF DETERMINATION TO ISSUE BONDS
OF THE LAWRENCE COUNTY REDEVELOPMENT COMMISSION
Taxpayers of the Lawrence County Redevelopment District ("District"), the boundaries of which are coterminous with the boundaries of Lawrence County, Indiana ("County"), are hereby notified that the Lawrence County Redevelopment Commission ("Commission") did on October 12, 2023, adopt a resolution determining to issue bonds of the Commission ("Bond Resolution"), acting in the name of the County, in an aggregate principal amount not to exceed $8,000,000, to pay the cost of acquisition and construction of economic development projects including, but not limited to, the acquisition of a shell building, in, serving or benefiting the Lehigh Economic Development Area, incidental expenses incurred in connection therewith and costs associated with the issuance of the bonds, including capitalized interest. The bonds are payable from Tax Increment (as defined in the Bond Resolution) and, to the extent Tax Increment is not sufficient, from a special benefits tax levied on all taxable property in the District. The bonds are to bear interest at a rate not to exceed 8.0% per annum, and will mature semiannually on February 1 and August 1 over a period ending no later than twenty (20) years after the date of delivery of the Bonds.
Dated October 17 and October 24, 2023.
LAWRENCE COUNTY REDEVELOPMENT COMMISSION
Jessica Staggs Lawrence County Auditor 916 15th Street, Suite 28 Bedford, IN 47421 812-275-3111 Ext 2033
Located at 1416 James Avenue Bedford, Indiana