30 days ago, the Morrison TIF had $8.256 million of cash reserves and $3.17 million in outstanding bond debt. The debt could have been retired years ago, saving the taxpayers millions of dollars. The debt could be retired today saving nearly $1 million. Instead, the debt remains outstanding and most recently $1.1 million has been transferred to the Muncie Redevelopment Commission to buy Muncie Fire Department equipment and now $1.5 million is being considered to be allocated to buy street lighting and a windmill at Park One/332. The objective of which is to obligate a yet to be announced business to locate a facility in Park One creating 105 jobs at an average wage of about $45,000.00 per year. While we have absolutely no issue with economic development and job creation in this area as we all know we desperately need businesses and jobs, our position is that the debt needs to take precedence while the funds are available. Furthermore, it would appear that the Park One/332 TIF should shoulder the burden of this effort, as they will be the primary beneficiary, and if there is a debt to be carried, it should be borne by the taxpayers of that district, not the taxpayers of the Morrison TIF which includes the taxpayers of Muncie.
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