Council 04-28-2026 [19:05-22:04]

That's a good thing your meeting got canceled. Are you dead? 12 minutes. Well, we'll see if we can make that happen. So good afternoon. My name is Jeff Guile. I'm with the Lawrence Canterbury Development Commission. I'm here to present the 2025 Annual Tiff Management Reports. You've got a copy of this report, I believe, in your packets. There are several pages in front with some background information on what our reporting requirements are, a list of our members, explanation of what our tiff district is. Pages 7 and 8 really have the meat of the report, and that's what I'm going to focus on. That's where the money numbers are. So what this indicates is at the end of the year, at the end of 2025, the Read about Commission have a little over $1.8 million. That includes money that has been allocated towards paying interest on the construction loan for the shell building in Mitchell, as well as funds from the done hospital fund and tiff revenue that was received but not spent in 2025. During 2025, we spent about $47,000 on legal and professional advisory services. We spent $25,000 as part of an obligation we undertook to help the Marion Township Fire Department with their equipment needs because the Heidelberg plant brought in a higher level of materials that need to be handled and need to be dealt with appropriately for public service. And then we also pay $268,000 roughly on loan interest on the build operate transfer loan. By paying that interest, we avoided having to capitalize the interest and pay it higher later. So that's kind of what's in the report. We did save $120,000 on the construction of the shell building down in Mitchell, came in slightly below what was budgeted. There was less rock found on the side than was expected so we didn't have as much prep work to do and we cut out some painting on the exterior too. So far this year, we spent about $120,000 helping the county with general fund expenses. And we've got about another $80,000 that we've obligated to help the county general fund with this year as well. That's the quick and simple report. And I'm happy to take any questions. Now the bond issue, that's progress. Bond issue is progressing. Actually, it turned out better than we anticipated. Yes, interest rate on the proposed bond came in at 5.2% interest, which is pretty good on a taxable bond. So we anticipate we'll be able to pay the bond off within seven years, 5 million bond at seven years. I feel like it is a good accomplishment for our finances.