Pharos-Tribune

Local News

November 7, 2013

Multiplex agrees to lower incentive

$25,000 offered for delays requiring agreement changes.

The Logansport Redevelopment Commission approved an amendment to its agreement with the developer of the recently completed multiplex that resulted in the company agreeing to a $25,000 decrease in its incentive.

The commission oversees all of the city’s tax increment financing, or TIF districts, which capture increments of the area’s total assessed values as they ideally increase over time. These funds are then used as incentives to attract new development projects.

Part of the $4 million multiplex was funded by a $250,000 incentive approved by the commission, $25,000 of which was made up of administrative fees the commission was responsible for, leaving the developer with an incentive of $225,000.

Mary Max Cinemas Logansport 5, located at 3910 Lexington Road, opened late last month in the city’s east end TIF district.

Logansport City Council recently approved combining all of the city’s TIF districts, the planning for which has already begun.

The commission approved an amendment to the economic development agreement with the multiplex’s developer, Logansport Theater LLC, at its meeting Wednesday. The change allowed for an extension on the building’s completion, which was pushed back several times since the groundbreaking last winter.

The agreement also had to be amended this spring to extend the deadline for hiring requirements. The commission paid attorneys to handle this amendment, incurring a cost of about $4,000, said Bob Bishop, president of the commission.

Bishop said he and Logansport City Attorney Randy Head volunteered their efforts on the amendment passed Wednesday.

In light of the delays leading to necessary changes to the agreement, Bishop said Logansport Theater LLC offered a sum of $25,000.

“I’m really happy the theater was willing to continue to contribute,” Bishop said, adding that the $25,000 was “above and beyond what it cost” to amend the agreement.

Commissioners also voted to pay off the commission’s $25,388.01 administrative fee on the agreement, which they had been approving interest payments on since awarding the incentive.

Text Only | Photo Reprints
Local News
  • Cass Co. jobless rate falls again Cass County unemployment fell once again to 5.6 percent, state workforce data indicates, mirroring state trends of a growing workforce and what one economist suggests is growth in full-time jobs. State unemployment data released this week indicates t

    August 22, 2014

  • Police blotter: Aug. 22 Have a tip? Anyone with information on a crime is encouraged to call Crime Stoppers at 800-222-TIPS. Information leading to an arrest or conviction could lead to a reward of up to $1,000.

    August 22, 2014

  • 5-year-old boy's bathtub death under investigation MONTICELLO (AP) — State police say an investigation is underway into the death of a 5-year-old northern Indiana boy who reportedly was found not breathing in a bathtub. Sgt. Kim Riley says Ian Davidson died Thursday at an Indianapolis hospital, where

    August 22, 2014

  • NWS-PT082114 WWII Ship 2.jpg Return voyage: Logansport veteran to crew WWII ship A Logansport man and U.S. Navy veteran is getting a chance to sail on a military vessel again.Starting at the end of this month, Rex Mitchell Ashby will spend about three weeks working in the engine room of LST-325, the last fully operational World W

    August 22, 2014 3 Photos

  • AP for free? Yes — for low incomes The U.S. Department of Education awarded $28.4 million dollars Aug. 12 to schools across the nation for Advanced Placement test costs for low-income students.Indiana received just under $500,000 from the Advanced Placement Test Fee Program. That amou

    August 22, 2014

  • Round Barn Festival canceled ROCHESTER — A 44-year-long festival will end its run in downtown Rochester indefinitely, according to the Fulton County Chamber of Commerce. Executive Director Diane Spore and the chamber of commerce’s board of directors met Wednesday to discuss and

    August 22, 2014

  • Twelve Mile farming contractor files counter-suit TWELVE MILE — A local farming contractor has filed a counter-suit against a farming company that accused him of defrauding them of millions of dollars over the course of several crop seasons.A lawyer for Chad Rudicel, the Twelve Mile contractor named

    August 22, 2014

  • Police Blotter: Aug. 21, 2014 Have a tip? Anyone with information on a crime is encouraged to call Crime Stoppers at 800-222-TIPS. Information leading to an arrest or conviction could lead to a reward of up to $1,000.

    August 21, 2014

  • Firefighters investigate smoke downtown Firefighters investigate smoke smell downtown

    Firefighters with the Logansport Fire Department responded to a call of a smell of smoke in a downtown office building.

    August 21, 2014 1 Photo

  • NWS-PT082114 Opera House Now.jpg Dreaming the old dreams over DELPHI — “To dream the old dreams over is a luxury divine.”That line from the late local poet James Whitcomb Riley was mentioned several times Wednesday at a celebration in Delphi. Those who quoted the line said it was a fitting description for one o

    August 21, 2014 3 Photos

Featured Ads
More pharostribune.com
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
AP Video
Furry Roommates: Dorms Allowing Cats and Dogs Chase Rice Defends Bro-Country 'Jersey Shore Massacre' Pokes Fun at MTV Series Raw: Wash. Mudslides Close Roads, Trap Motorists DC's Godfather of Go-Go Honored Ukraine Calls Russian Convoy a 'direct Invasion' Girl Meets Her 'one in the World' Match Coal Gas Boom in China Holds Climate Risks Japan Landslide Rescuers Struggle in Heavy Rain Raw: Severe Floods, Fire Wrecks Indiana Homes Endangered Red Wolves Face Uncertain Future Raw: Russian Aid Convoy Arrives in Ukraine Okla. Policeman Accused of Sex Assaults on Duty Dominican Republic Bans Miley Cyrus Concert Raw: Israeli Air Strike in Gaza Raw: Bodies of MH17 Victims Arrive in Malaysia Attorney: Utah Eatery Had Other Chemical Burn
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Poll

Does Indiana need a statewide water management plan and an administrator to implement it?

Yes
No
Unsure
     View Results
eEdition