Redevelopment Commission reviews March financials; John's Manville bond paid off

The Richmond Redevelopment Commission reviewed and approved its March 31, 2026 financial statements on April 21, hearing a staff presentation that outlined available funds, ongoing projects and certification work.

Beth, the commission staff member who presented the report, said allocation area 1 has roughly $4,287,924.90 available for new projects, a figure that incorporates nearly $3 million in anticipated 2026 revenue. She reported no notable changes for allocation area 1 in March and answered member questions about project spending. Commissioners asked specifically about the Glenn Miller Park master plan and MRL design work; Beth said the Glenn Miller master plan has just started and that she will reach out to the Morrison Reefs Library (MRL) contacts for an update.

Beth discussed the certified technology park status and said staff are pursuing re‑certification; the commission will submit materials for review at the end of April, which, if successful, would make the area eligible to collect additional revenue as authorized by IC 36‑7‑32‑7. A commissioner asked whether the high‑technology activity rules apply citywide or only within the certified park boundary; staff confirmed the statute applies only within the certified park boundaries and said the boundaries were narrowed in 2019 to concentrate activity in the Midwest Industrial Park and adjacent areas.

On the John's Manville allocation area, Beth reported the final bond obligation has been met; going forward, revenue from that area will be available to the commission for future projects. Beth said the fund currently shows $1,919.05 available for new projects and that about $600,000 is expected in 2026 from that source. The commission discussed potential eligible uses and noted legal counsel previously vetted use of those funds for a Northwest Fifth Street study.

The commission briefly reviewed the Heartland Fund and the Midwest Industrial Park Fund (which receives transfers to make bond and professional services payments). After questions and clarifications, a motion to approve the March financials was made and seconded; the chair called for a voice vote and the motion passed.

Beth announced that at the next commission meeting staff and outside advisors will introduce the carveout and bond issuance for Project Phoenix; Ice Miller and Baker Tilly will attend and Baker Tilly will present the annual TIF reports.