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July 23, 2013

Logan TIF board hires consulting firm

$225 per hour for financial guidance

The Logansport Redevelopment Commission, which oversees funds brought in by the city’s tax increment financing districts, voted in favor of hiring a consulting firm to provide financial guidance.

Bob Bishop, president of the commission, proposed hiring Seymour-based Reedy Financial Group P.C. at a commission meeting Wednesday. He said the company’s rate is $225 an hour. The commission voted 5-0 in favor.

Bishop said the firm would assist the commission with an array of accounting tasks and that costs would be dependent on how much work the firm would have to do.

“We want to make sure we meet all statutory requirements,” Bishop said. “We want to make sure things are done, done on time and that we don’t overlook anything.”

Reedy Financial Group has worked for the city in the past. Most recently, it prepared the parcel-by-parcel financial impact report for the annexation initiative.

No appropriation from Logansport City Council is required, Bishop said. The financial report pertaining to the city’s four tax increment financing districts he presented at the commission meeting Wednesday listed a total of more than $2.2 million in assets. He added at $225 an hour, Reedy’s rate is about half that of the commission’s attorney.

In other news, the board also:

• Approved $4,680 to be paid to Michael E. Albright Painting for the repainting of the Iron Horse Depot building. In a letter to Kathy Dingo, a board member of Logan’s Landing, an organization representing the downtown district, Albright stated lead testing on the depot’s current paint turned up negative.

• Announced it would continue to explore whether or not to allow tax increment financing funds to go toward building demolitions. Commission members’ concerns included the small likelihood the city would recoup costs and questioned why funding these demolitions is the city’s responsibility and not that of the owners of the unstable buildings.

• Decided the repayment of the $25,000 administration fee loan for the multiplex theater should be done in the form of a resolution. Bishop said he hopes to have it drafted and present it at the city council meeting Aug. 5.

Mitchell Kirk is a staff reporter at the Pharos-Tribune. He can be reached at 574-732-5130 or mitchell.kirk@pharostribune.com.

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