By DAVE KITCHELL, Pharos-Tribune staff writer
A new ethanol plant being financed in part through a county redevelopment commission and Tax Increment Financing district may soon add city support to finance wastewater treatment facilities at the Clymers plant.
On Monday, Logansport-Cass County Economic Development Foundation President Skip Kuker presented a request for a $12.5 million industrial bond to the Logansport City Council. Although the plant is not located in the city, Kuker, who also is a city councilman, said the county does not have a redevelopment commission, which is necessary to issue the bonds. Kuker said the city would not be held liable for the bond issue and it will be paid for through revenue from the plant.
Kuker said it is not the practice of the council to approve matters without a committee meeting first, but he agreed to make the request to the council at the request of The Andersons Inc., which will operate the plant.
The council agreed to set a Finance Committee meeting for Wednesday, even though it will be held less than the 48-hour time frame usually required by the Indiana Open Door Law.
Kuker said after the meeting the bond will not affect the amount of funding the city can raise through bonding for other projects.
That economic development move was not on the council agenda, but another one was. The council voted unanimously to approve a $243,328 appropriation in the city share of County Economic Development Income Tax (CEDIT) revenue to extend Industrial Boulevard through the industrial park to Kokomo Pike.
The Logansport Redevelopment Commission will devote future Tax Increment Financing (TIF) district revenue from the park to repay the CEDIT revenue.
The commission will make an initial payment of $100,000 for the road.
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