Culver Town Council with Redevelopment funding review

Friday, May 3, 2024 at 12:37 AM

culver-town-council-with-redevelopment-funding-review

The Culver Town Council was given the annual review of the Redevelopment Commission.

The report includes a list of members, Marti Oosterbaan as President, Sally Ricciardi as Vice President, Sara Jone as Secretary, and Ginny Munroe and Erika James are members. Karen Shuman, the Culver School Superintendent is a non-voting member.

The Culver Redevelopment Commission has two Tax Incremental Funds (TIF). District 1 had revenues of $620,301.35 and expenditures of $976,056.53 leaving a fund balance of $312,544.67. Expenditures last year included $531,000 for Surf Broadband, $6,265 for Christmas decorations, nearly $13,000 for a housing study, $30,000 for police vehicles, about $60,000 for park improvements, $151,000 for Storm Water bonds, $6,000 for trail engineering, $116,700 for façade grants, $30,000 for the water commitment and $32,700 to the Visitor Center.

TIF District II in Culver had revenues of $6,857.51 in 2023 and expenditures of $50,253.94 leaving a balance of $327,286.99. Expenditures included nearly $43,000 for bond interest and principal and $7,328.94 for trail engineering and INDOT grants.