Crown Point City Council hears annual TIF report

Greg Guerrettaz of Financial Solutions Group, Inc. of Plainfield presented Crown Point’s annual TIF report to the city council at their meeting on April 7.

Guerrettaz went through all six TIF reports with the Redevelopment Commission (RDC) prior to the council meeting. He said the RDC agreed with the findings in all six reports and has recommended filing the reports with the Indiana Department of Local Government Finance before passing them on to council. Guerrettaz said no formal action was needed to be taken by council at the meeting.

Guerrettaz noted the most important TIF District is the I-65 allocation area, which has two debts the city backs. He said the debt service expenses total approximately $951,000 for that particular district. However, Guerrettaz said the city has coverage of $1.8 million after the debt service has been paid, which amounts to almost three times the coverage.

According to the I-65 report, Guerrettaz said the city is “doing very well.”

“The city is not at risk on its two bond issues,” Guerrettaz said, “and we have some money in the bank. We’re trying to use $1 million on the water and sewer project and that’s already budgeted. We have approximately $3 million in the bank in that TIF district.”