The Logansport Redevelopment Commission, which oversees funds brought in by the city’s tax increment financing districts, voted in favor of hiring a consulting firm to provide financial guidance.
Bob Bishop, president of the commission, proposed hiring Seymour-based Reedy Financial Group P.C. at a commission meeting Wednesday. He said the company’s rate is $225 an hour. The commission voted 5-0 in favor.
Bishop said the firm would assist the commission with an array of accounting tasks and that costs would be dependent on how much work the firm would have to do.
“We want to make sure we meet all statutory requirements,” Bishop said. “We want to make sure things are done, done on time and that we don’t overlook anything.”
Reedy Financial Group has worked for the city in the past. Most recently, it prepared the parcel-by-parcel financial impact report for the annexation initiative.
No appropriation from Logansport City Council is required, Bishop said. The financial report pertaining to the city’s four tax increment financing districts he presented at the commission meeting Wednesday listed a total of more than $2.2 million in assets. He added at $225 an hour, Reedy’s rate is about half that of the commission’s attorney.
