Culver Town Council updated on annual report of Redevelopment Commission

Wednesday, May 1, 2024 at 3:58 PM

Tuesday evening members of the Culver Town Council were given the annual review of the Redevelopment Commission by member Sally Ricciardi.

The report includes a list of members, Marti Oosterbaan as President, 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.