Joe Hornaday
Greensburg Daily News
Greensburg —
The road to the end of the Lincoln Street Reconstruction Project was traveled Wednesday night at the meeting of the TIF (Tax Incremental Finance) Board.
Kessing Drive will soon be closed to Lincoln Street beginning Monday, City Engineer Gary Murray said. The shut down will last approximately 30 days, according to the contractors. The city may send notices to factories and businesses that utilize Kessing Drive so that they may notify employees of the temporary road closure.
Murray gave the board an update on the project and the TIF members agreed to a renewal of the BAN (bond anticipation note).
The board had been working on the renewal for approximately two weeks, according to TIF President Ken Dornich. The board agreed to renew with Blue River Bank out of Shelbyville for financing at an interest rate of 1.75 percent, a better deal than the previously paid 3.5 percent. A $4,900 placement fee will have to be paid, which Dornich noted was less than originally quoted. The move could save about $10,000 with the reduced interest rate. However, the TIF Board will now have to finance the full amount of the BAN to Indiana Bank and Trust. The note totaled about $1.6 million. When the board members began expressing hesitations regarding legal fees from Barnes and Thornburg for the switch, Mayor Gary Herbert explained he had addressed the question and that the cost should be much smaller than the previously paid $20,000.
The balance on the TIF account, after paying bills for legal assistance, to R.W. Armstrong and to HNTB, amounted to $434,937.31. The TIF's construction account held at $158,538.20. The bill to R.W. Armstrong, the contracting company working on Lincoln Street, was $36,832.70. A claim to INDOT (the Indiana Department of Transportation) for 80 percent reimbursement had been sent. The bill to HNTB amounted to $30,608.
City Engineer Gary Murray explained to the board that the northwest corner of the project was nearing completion and that some sod has been installed. Storm sewer work continues and paving will begin on the northeast quadrant on Tuesday. Within two weeks, paving should be done in the area. The installation of the storm sewer from Swifty to Pizza King will begin soon.
Murray noted that both he and Street Commissioner Mark Klosterkemper had begun looking into an alternate trunk line, going behind Decatur County Memorial Hospital. The move could save money and avoid hassles, eliminating potential delays in the project. Work has begun with the contracting company on the possibility.
The next meeting of the TIF Board is scheduled for 6:30 p.m. on Wednesday, Sept. 29 at City Hall.
