Wednesday evening, the Greensburg City Plan Commission talked of plans to help Honda Manufacturing’s expansion.
Preliminary planning on railroads continues, and the Plan Commission will not be hiring a new attorney.
The main item on the agenda was to find where the Plan Commission stands on finances so they might further assist Honda’s expansion. According to the attorneys present, “Everything’s on track.” Honda’s Acura line is considered a luxury car, and for such a young company being allowed to expand to a luxury line is considered to be a positive. Honda’s “1,000 Unit Per Day” expansion also seems to be on track.
Honda’s property value is considerably lower than projected. The projections showed $121 million in property values, but an uncertified assessment put Honda’s property value at $93 million. Surplus revenue was also $500,000 less than expected.
Income to the Plan Commission from tax increment financing (TIF) bonds received from Honda, totals to approximately $822,000. The tax income received from Honda is expected to total to approximately $979,000 next year. Honda pays approximately $2.3 in bonds for every $100 in property value.
The Plan Commission has also been considering the hire of a new attorney based from Decatur County, but decided to stay with their legal representatives in Indianapolis Wednesday. These attorneys currently revise legal documents and work through legal jargon associated with property redevelopment. The Plan Commission also wants to have the authorized uses of TIF money redefined, and clarified for the future.
In other news, 18 railroad crossings are being considered for an upgrade. The Plan Commission continued preliminary work on once-dead railroad crossings that are now being utilized because of Honda’s presence.
Some of the crossings have no warning lights at all, or need lights and signs that can be observed from farther away. One crossing in particular, located at County Road 700 East and I-46, does not have enough room for semi trailers to exit the interstate should the railroad crossing be blocking the road.
The details of further railroad crossing development are still being discussed, including from where the funds for the project would be allocated.
Contact: Tess Rowing 812-663-3111 x7004