AUBURN, Ind. (WANE) — Last week was planning.
This week started financing, as the Auburn Sports Complex cleared another hurdle.
Earlier this month, the project was approved by the Auburn Plan Commission and the DeKalb County Drainage Board.
Monday the proposal had to gain approval from the DeKalb County Redevelopment Commission in order to authorize bond counsel permission to prepare documents for the development’s tax incremental finance district (TIF).
According to our newsgathering partners at KPC media, the Redevelopment Commission said at Monday’s meeting that it would give back 80% of the TIF district revenue for an 18-year term to pay off bonds to help with development costs. The remaining 20% of the TIF revenue will be distributed among the district’s taxing entities.
TIF revenue is often used to spur public/private developments. It allows immediate development work to be paid with expected future tax revenue.
Once the bond counsel drafts the paperwork, the decision will have to be deliberated again by the Commission before a final vote is taken.
JT Fisher Properties and Auburn Sports Group are seeking to finance the entire $62 million project and using the TIF revenue to repay the bonds.
KPC reported the county will not be liable for any bonds approved for the project as they will be developer-purchased bonds. The developers of the project are taking all of the risk on the bonds.
But this isn’t the last hurdle the Auburn Sports Complex will have to jump through.
Once the Redevelopment Commission votes on the issue, it will move onto the DeKalb County Economic Development Commission for approval of the bonds, then to the DeKalb County Commissioners and County Council for final approval.