Greater Jasper Schools Funding Request Approved by RDC

At the Jasper RDC meeting on Monday morning, the board reviewed TIF balances for potential support of school technology funding.

The meeting opened with the board’s consideration of request by GJCS for $133,800 in technology funding. To evaluate the request, the Commission reviewed a Baker Tilly analysis of current and projected TIF balances over the next five years. The Central TIF has a beginning balance of $1.6 million, generates roughly $1.3 million in annual revenue, and is expected to pay out about $1 million per year, leaving an estimated $300,000 annual surplus.

For the Riverfront TIF, the beginning balance is $293,000 and annual revenue is approximately $400,000. After deducting funds pledged back to the developer, the remaining annual surplus is about $20,000. University Heights currently has a $32,000 balance, is expected to generate $90,000 annually, and has about a $9,000 annual surplus after deducting funds pledged back to the developer. No projection was provided for allocation areas with no balance.

Clerk-Treasurer Kiersten Knies recommended capping annual economic development-related grants at $100,000 from the Central TIF. The Commission already gives $25,000 annually to Heart of Jasper, which would leave about $75,000 available under that proposed limit.

She also explained the reason that the Commission holds funds. Each TIF area is created alongside an economic development plan with specific projects, like when the Central TIF helped make the outdoor pool possible. The Central TIF plan was recently amended to include infrastructure development on the north side of town and public safety capital equipment can also be purchased with those funds.

Members agreed the project fit within the TIF’s allowable purposes because it combined schools, economic development, and technology, and noted it was the first request of this kind. Support was expressed for approving the full amount while still preserving a cushion in the fund. Knies stated that, moving forward, the RDC should assume expenditures of $100,000 annually on projects of this type, including Heart of Jasper funding, with exceptions considered.

The Commission voted to approve funding $133,800 for technology for the schools through the GJCS request, subject to a final resolution and invoice. A formal resolution will be prepared for the next meeting and payment will require an invoice from the school corporation.

Knies also presented the annual TIF pass-through letter to Overlapping Taxing Units. No excess assessed value needs to be allocated to overlapping taxing units this year, and approval was given to send the letter ahead of the June 15 deadline.

For more information on these and other updates, visit jasperindiana.gov or JasperGov-Indiana on Facebook.

- By Drew Hasselbring