Redevelopment Authority Passes First Reading

(posted Apr 14 )

Without any discussion at its April 14 meeting, the Speedway Town Council approved the first reading of Ordinance 1109 that will establish a redevelopment authority. The only discussion that took place transpired from the town attorney when answering questions from the Speedway Navigator.

The proposed ordinance will create a three member authority that will serve as the financing mechanism for the redevelopment commission. "The redevelopment authority is equivalent to a not-for-profit building corporation," Town Attorney James Gutting said.

Gutting explained that the authority is necessary to develop a leasing arrangement between the commission and authority. The leases are the source of payment for the bonds that will be outside the two percent cap of the assessed valuation.

The final vote to establish a redevelopment authority is scheduled April 28.

The council also approved two resolutions relating to redevelopment. Resolution 2008-7 officially made Redevelopment Area Two a tax increment financing district, and Resolution 2008-8 officially expanded the Speed Zone. The expansion includes the extension down 10th Street to Lynhurst Drive, from Church's Chicken to Cord Street, and north on Georgetown Road to include the mobile home parks.

Speedway Redevelopment Commission Executive Director Scott Harris apprised the council of the SRC's progress. The April 14 acquisition public hearing has been moved from the town hall to the high school. According to Harris, the decision to move it to the high school to accommodate a larger turn out was made about an hour before the council meeting.

Harris expects the DPW to approve of road changes soon as well as schedule public hearings to close Georgetown Road.

Town Council President Gary Raikes said it might be time to resurrect the civic committee to promote community spirit through events. The civic committee was responsible for the 1976 bicentennial celebration, but as time passed, the civic committee's momentum came to a halt.

Raikes also said the committee could oversee other group's requests for events and free the council from these details.

The council also approved for Chief Jeff Dine to seek a $11,500 grant from the Department of Justice to cover the $23,500 expenditure for body armor. The bullet proof vests need to be replaced every five years. The other $5,000 grant proposal would cover the cost of digital cameras for investigations photos. The seven new reserve officers will be sworn in April 17 in the town hall at 6 pm.