Redevelopment authority OKs bond redemptions

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By Kevin Koelling, Managing Editor

Three-member board conducts reorganization

TELL CITY - The Perry County Redevelopment Authority approved at a meeting Tuesday requests from Waupaca Foundry to redeem $430,000 in bonds.

The company asked the redevelopment authority for permission to exercise its option to redeem $225,000 and $205,000 aggregate principal from 1998 and 2001 taxable variable-rate demand economic development lease rental revenue bonds, respectively, according to a resolution adopted by the authority.

The Waupaca bonds are set up to be paid with tax-increment financing, attorney Chris Goffinet explained, "so they have the right to use those funds to pay the bonds off early, which benefits the county. They've done this at least the last three or four years."

The company paid off $385,000 last year, he told the redevelopment authority members.

In response to a comment from redevelopment authority President Louie Heitkemper, Goffinet said the courthouse roof had undergone repairs previously discussed by the Perry County Redevelopment Commission. In replacing roofing materials, the contractor "found there may be some issues" with metal roofing materials that weren't part of the repairs.

"There is some rust," Goffinet said. "It's not failing, but may need painting."

The work that was done cost $52,000, paid from county tax-increment-financing funds that weren't depleted, he said, so money remains available for further work.

In an annual reorganization, Heitkemper retained the president's position, Pam Krygielka will continue to serve as vice president and Margaret Evrard as secretary.